A 41-year-old immigration staffer working with the Malaysian Consulate in Bandra West was allegedly cheated of Rs 78.85 lakh in a cryptocurrency investment scam that began on Instagram and moved to WhatsApp before funds were siphoned off through multiple bank accounts.
Invested through website
The complainant, a resident of Kanjurmarg, was added to a WhatsApp group named ‘EG Plan’ through Instagram on January 20, 2024. The group, which had around 50 members, was administered by individuals identifying themselves as Mayati Gupta and Arjun Singh. They shared stock market and IPO-related tips and encouraged members to invest in cryptocurrency through a website www.senxaxaa.com.
The complainant registered on the website on April 1, 2024, and initially received R1.69 lakh as profit in his bank accounts. This secured his faith in the platform and prompted further investment.
Many bank accounts used
Between April 2024 and June 2024, the complainant transferred money through online banking and RTGS into 18 different beneficiary accounts of nationalised banks provided by the alleged administrators of the WhatsApp group. The total amount transferred was R78,85,000.
Layered banking network
Police found that the money was routed through multiple accounts bearing names of different entities, such as enterprises, construction firms, gem traders, catering services, and travel firms. They suspect the use of a layered banking network, possibly involving mule accounts, to disperse and obscure the funds.
The complainant stated that when he attempted to withdraw the displayed profits on June 20, 2024, he was asked to deposit an additional R18 lakh as a processing fee. This is when he realised that he had been cheated.
Stigma led to delay
In his complaint, the man told the police that he was under severe mental stress and feared social embarrassment. “Because of that fear, I did not file a complaint anywhere at that time,” he said. He eventually contacted the national cybercrime helpline ‘1930’ on February 10, 2026, before lodging a formal complaint with the Cyber Police (eastern region).
20-month ordeal
>> Fear of social defamation
>> Mental stress and isolation
>> Hesitation to report
>> Impact on work
How trust was built
>> Confidence-building tactics used
>> Added through social media (Instagram funnel)
>> 50-member WhatsApp group creating “social proof”
>> Other members posting profit claims
>> Initial Rs 1.69 lakh real profit credited
>> Professional-looking website dashboard
>> Gradual increase in investment amount
Red flags in crypto scams
>> Guaranteed high returns
>> Processing fee for withdraws >> Payments to unrelated trade entities
>> No SEBI registration
>> WhatsApp-based investment advice
Cybercrime help
>> Call ‘1930’ immediately after discovering online financial fraud
>> Report complaint on official portal: www.cybercrime.gov.in
