Crypto Scam in Surat: Diamond Broker Loses ₹44 Lakh in Fake Firm

Crypto Scam in Surat: Enjoy Overseas Cheats Diamond Broker of ₹44 Lakh

A Surat-based diamond broker was a victim of a cryptocurrency scam as he lost ₹44 lakh by believing family contacts who assured him high returns on a fictitious investment company.

Crypto Scam in Surat: What Happened?

• Balu Shiyora, a 54-year-old diamond broker and a resident of Matawadi in Surat, was reportedly defrauded of ₹44 lakh in an investment fraud in cryptocurrencies. 

• The fraud was run using a company named "Enjoy Overseas"  based at Yogi Chowk. 

• Chetan Nakum and his cousin Madhur Katariya were the accused who persuaded Shiyora to invest after being introduced to her by the father of Chetan, Dalpat Nakum, with whom the victim had a history over the last forty years. 

• The broker used the money between 2022 and 2023 with the hope of making colossal gains. The returns, however, never came. 

• The accused evaded him when he made several repayments, and this resulted in a complaint to the police at Varachha police station. 

• Law enforcement has now filed a case and started an investigation.

Source:  Bitinning X

How The Scam Worked?

The fraud started with a relationship of trust. Dalpat Nakum presented the victim to his son Chetan and nephew Madhur, saying that they had begun a promising cryptocurrency business. 

They employed flashy returns and talked with confidence in order to win the trust of the broker. Shiyora invested ₹44 lakh in the period between 2022 and April 2023 in the form of online transfers and cash deposits. 

The accused assured to invest twice and provided forged profit statements to ensure that no one doubted him. The company was introduced as a real crypto investment platform, which was later revealed to be a fake and unregistered one, Enjoy Overseas.

When Things Went Wrong?

Upon the accused being requested by Balu Shiyora to repay his profits, the accused started to delay. 

Madhur Katariya escaped to Dubai, promising Shiyora that he would send the money back there. 

Chetan Naku, meanwhile, gave a promissory note to purchase time. But when the victim insisted. Further, Chetan reportedly declined to give back the money, and he even threatened him. 

When Shiyora discovered that he had been defrauded, he filed an official complaint with the Varachha police, who are currently in the process of investigating the fraud and the money that has disappeared.

Wider Concept

Surat, the polishing center of diamonds in India, has been recording an increase in crypto-related fraud in recent times. It is reported that over ₹500 crores have been lost by traders collectively in 2025 alone by such fraudulent schemes. 

Most frauds take advantage of social connections and family loyalty and become more difficult to uncover at an early stage. The Reserve Bank of India (RBI) has sounded the alert to citizens on these traps on multiple occasions, saying that more than 80% of crypto frauds in India have involved social or family ties and not anonymous individuals.

Crypto Scams in India Rising

The number of crypto-related crimes is soaring in India, and a ₹200 crore laundering network between Surat and Pakistan and Dubai was recently revealed by the Gujarat CID.

The data provided by the Enforcement Directorate shows that the number of crypto frauds has increased significantly since 2018, and there are more than 120 cases in 2024-25 alone.

Analysts caution that stablecoins such as USDT have become the new weapon of laundering, with fraudsters taking advantage of lax regulations and trust in them to transfer illicit money internationally.

Conclusion

The case underscores the increasing danger of crypto fraud in India. One needs not only trust, but investors should continuously check the individuals, sites, and offers before putting their money in.