Kolkata Crypto Scam: Two Arrested in ₹25 Crore Investment Fraud

Kolkata Crypto Scam: Police Probe ₹25 Cr. Cryptocurrency Fraud Network

How did a crypto dream turn into a ₹25 crore nightmare for investors in Kolkata?

What first seemed to be a golden investment opportunity in the burgeoning cryptocurrency market has now taken shape as one of the biggest financial frauds the city has ever seen.  

On 30th October, as per the reports, the Kolkata Crypto scam took a serious turn when the police arrested two suspects, Anirban Ghosh and Priyanka Sahu, on charges of allegedly cheating several investors through an illegal cryptocurrency investment scheme.

Source: X (formerly Twitter) 

Police Crack Down on ₹25 Crore Crypto Investment Fraud

The duo was arrested by the Bank Fraud Division of Lalbazar following a complaint lodged at the Shakespeare Sarani Police Station. According to the complainant, he was duped into investing in what seemed to be a lucrative digital assets project.

The scheme promised returns that were very high but never materialized. Instead, investors suffered huge losses while the accused allegedly diverted the collected funds to their benefit.

Officials claimed that the Kolkata Scam appeared to have been intricately planned and systematically deceived. 

The suspects formed trust among investors with attractive proposals of investments, presenting fake documents before disappearing along with the money. 

Preliminary investigations reveal that several others might have fallen into the same trap.

Court Proceedings and Police Custody

Ghosh and Sahu were presented before the Bankshall Court on Wednesday after their arrest on Tuesday night. The prosecution presented strong evidence to prove that the accused had perpetrated a well-planned scheme to cheat innocent investors.

The court sent Singh to 14 days of police custody, considering the serious charges and also that the accused may tamper with evidence and try to influence the witnesses.

According to police sources, more arrests are likely to happen as the investigation unfolds. 

The officers are now examining whether the two had acted alone or were part of a digital currency fraud network operating across several states increasing the crypto-related complaints in 2025.

Growing Trend of Crypto Scams in India

The Kolkata Crypto Scam is only the latest indication that India's digital investment scams continue to rise. With more retail traders in cryptocurrencies, so are scams promising unreal returns.

Most victims get lured through social media adverts, fake trading platforms, or some kind of influencers promising guaranteed returns.

While law enforcement agencies have been strengthening their efforts to track such crimes, the lack of regulation and awareness among investors makes crypto frauds a serious threat. 

Experts further suggest that investors should check for the credibility of the company, avoid "too-good-to-be-true" schemes promising returns, and invest through regulated platforms.

Investigation Continues

The police are now tracing the money trail to recover the defrauded amount and find their accomplices. According to officials, electronic devices, bank statements, and digital wallets related to the suspects were being analyzed in an effort to unearth the magnitude of the fraud.

Also, as the Kolkata Crypto Scam keeps unfolding, authorities warn citizens to stay cautious while dealing with digital assets investments. It is also a strong reminder that greed-driven schemes often end in financial disaster.