Veteran Air Force member lost $25,000 to cryptocurrency scammers., 2026/02/08 16:26:06

A veteran of the Indian Air Force has lost over 22.75 lakh rupees ($25,000) after falling victim to online scammers who promised bonuses for cryptocurrency investments.

The victim reported to the police that some time ago, he received a message on WhatsApp from an unfamiliar number. The sender proposed investments in digital assets and, after a brief conversation, introduced the veteran to an individual named Harwinder Sandhu on Telegram. This person persuaded the Indian to register on a specific application and join a “bonus plan,” which claimed to offer a 50% return on investments in crypto assets.

To gain the veteran’s trust, Sandhu displayed several screenshots showing profit figures and testimonials from individuals who had reportedly earned well on the platform. After registering, the veteran transferred funds to the scammers, and when he attempted to withdraw his accumulated profits, he was asked to pay an additional 774,550 rupees (approximately $8,550) for unlocking his account. It was only then that the man realized he had been deceived.

Indian police indicated that this type of scheme is quite common: initially, scammers engage in friendly conversations with their future victims—often using images of attractive women or men and establishing romantic connections, or posing as experienced financial advisors. After some interaction, the perpetrators suggest investing in a cryptocurrency project that ultimately turns out to be fraudulent.

In January, the Financial Intelligence Unit of India (FIU) announced plans to tighten user registration rules and the Know Your Customer (KYC) process on cryptocurrency platforms to combat money laundering through cryptocurrencies.