Senior Citizen's Rs 21 Crore Cryptocurrency Scam Uncovered in Gwalior

A 70-year-old chartered accountant from Gwalior fell victim to a Rs 21 crore cryptocurrency scam. After initial gains in USDT investments, the victim was duped in a complex cyber fraud. The case, involving multi-layered money laundering across borders, is under investigation by Gwalior's State Cyber Cell.

In a shocking case of cyber fraud, a 70-year-old chartered accountant from Gwalior, Madhya Pradesh, has reportedly been defrauded of over Rs 21 crore through cryptocurrency investments. The victim, Ashok Vijayvargiya, a resident of Gwalior's Roshni Ghar area, was enticed into investing in USDT cryptocurrency trading by fraudsters in December 2025.

Initially, Vijayvargiya received substantial returns, which led him to trust the scammers. However, by early July, he realized the scheme was a scam and filed a complaint at the State Cyber Cell in Gwalior. Deputy Superintendent of Police, Sanjeev Nayan Sharma, detailed how the victim was duped into making massive investments starting with Rs 1 lakh, which reportedly returned Rs 1.84 lakh, increasing his trust in the fraudsters.

The investigation has uncovered a complex network of transactions that laundered money through multiple bank accounts in several layers. Preliminary findings suggest the perpetrators operate from countries like Myanmar, Cambodia, and Thailand. Authorities have so far frozen Rs 2 crore and are gathering more evidence to bring the fraudsters to justice.