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Woman From Mumbai Loses Rs 20 Lakh To Bitcoin Cyber Fraud
The victim saw an advertisement for bitcoin on her phone and clicked on the link out of curiosity.
Ankita K.
10:03 4th Apr, 2022

A 67-year-old woman from Khar (West) lost a considerable sum of money to cyber fraud. In a new modus operandi of cyber-criminals, the fraudsters made several phone calls to the victim impersonating employees of a bitcoin company, luring the woman to invest Rs 20 lakh over a period of three months.

However, the victim realised she had been conned when they told her all her investment was lost due to the war between Ukraine and Russia and asked her for more money.

An FIR was registered by the Khar Police on March 31. The woman told the police that she lives alone and her pension is the only source of income. In June 2021, she saw an advertisement for bitcoin on her phone and clicked on the link out of curiosity.

One person named Shiv called on her phone and introduced himself as an employee of an ‘Invest by’ company dealing in bitcoins investments. He asked her if she wanted to invest money and though, she responded she has no money, he kept calling her every day.

The fraudster, Shiv, convinced her to invest a small amount. Finally giving in, the woman decided to invest Rs 15,000 in December 2021. The next day, another fraudster called her and introduced himself as the company’s manager. The woman was lured with different investment offers and ended up paying Rs 16 lakh.

A third person then called her and said that it’s better to buy bitcoins rather than invest in them and made her pay more money. In all, she ended up paying Rs 20 lakh to the fraudsters.

On February 8, she got a call from one of the fraudsters, who claimed that the market has been badly affected due to the Russia-Ukraine war. He added that they have suffered huge losses and her invested money is also lost. The fraudsters told her in order to get all the money back she will have to invest another $5,000. The woman then realised that she had been duped and decided to approach the police.


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