An Indian air force veteran has lost over Rs. 22.75 lakh ($25,000) to crypto scammers who carried out several unsanctioned transactions on his accounts. According to reports from the Indian police, the victim fell prey to an online scam that promised investors high rewards and incentives on cryptocurrency investments. According to the complainant, the crypto scammers carried out a series of debits from his savings and UPI-linked account. The said unsanctioned transactions occurred between January 11 and 17, 2026, and included Rs. 7.5 lakh withdrawn on January 13, Rs. 5 lakh and Rs. 2.74 lakh withdrawn on January 17. The Indian air force veteran also mentioned that other small-scale transactions occurred on his account, noting a debit of Rs. 95,2000, Rs. 50,000, and Rs. 65,000. How did the crypto scammers steal from the Indian air force veteran? In a detailed explanation to the police , the Indian native stated in his complaint that he was approached by the scammers through WhatsApp. Like most victims, he was contacted by an unfamiliar number on WhatsApp, where they talked about several aspects. This is likely the first step that these criminals undertake, trying to make the victim as comfortable with them as possible before they begin interaction that would lead towards the scam they are trying to pull. After small conversations, the victim claimed that the person introduced him to another man on Telegram, who introduced himself as Harwinder Sandhu. It was this man who talked to him about the crypto investments, giving him several upsides of the investment scheme. He claimed the man would register and invest in a cryptocurrency bonus plan where he would be able to recoup about 50% bonus on investments made in different digital assets on the platform. In order to gain credibility, Sandhu showed him several screenshots of returns and testimonies of past and current investors benefiting from the scheme. Once he agreed to the investment, the criminals quickly put him through and showed him how to register. After registering, he was asked to make several investments to kickstart things. However, the scammers allegedly froze his wallet after his investments and total bonus showed Rs. 2,225,450 on the application. Crypto scams continue to cause harm across India The police mentioned that this is the way these criminals usually carry out their operations. They claimed that the fraudsters would take a friendly approach, talking to their victim like a new friend before attacking. In other cases, they use pictures of beautiful women and lie to their victims about romantic feelings towards them, accelerating the con. The police claimed the Indian Air Force veteran was asked to send an additional Rs. 774,550 as a release charge, which was when he discovered that it was a scam. Over the last few months, the police have warned residents across India to be careful when dealing with strangers on the internet. While the law enforcement agency concedes that social media is a place to meet new friends, they have urged people to be watchful about the things that these new friends try to introduce to them. In some cases, they have also advised that residents seek the advice of professional finance experts if they are willing to enter into an investment scheme. In another incident, the police claimed that a 66-year-old businessman from Pune was scammed of about Rs. 21.6 lakh after a friend lured him into investing in cryptocurrency trading. The victim was contacted by a woman who claimed to be interested in his work. After several messages between them, the duo agreed to meet in March this year. With their agreement to meet locked, the woman introduced the victim to the fake investment under the guise of big returns. Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.
