Kolkata, India — October 31, 2025:
What started as a promise of high-yield crypto investments has spiraled into one of Kolkata’s largest financial fraud cases. The so-called “Kolkata Crypto Scam” has now exposed a sophisticated ₹25 crore cryptocurrency fraud network that deceived dozens of unsuspecting investors.
Police Arrest Two in ₹25 Crore Crypto Fraud Case
On October 30, Kolkata police made a significant breakthrough when the Bank Fraud Division of Lalbazar arrested Anirban Ghosh and Priyanka Sahu. The arrests followed a complaint filed at the Shakespeare Sarani Police Station, where a victim alleged he was tricked into investing in a fake digital assets project that promised “guaranteed” high returns.
According to police reports, investors were lured through glossy presentations and fake documents. The suspects allegedly used these materials to gain trust before vanishing with the investors’ funds.
“The operation appeared meticulously planned, involving multiple layers of deception,” an investigating officer told local media.
Early findings suggest that more victims — possibly across multiple states — have been defrauded through the same network.
Court Proceedings and Police Custody
Following their arrest on Tuesday night, Ghosh and Sahu were produced before the Bankshall Court on Wednesday. The prosecution presented compelling evidence that the two had orchestrated a well-planned scheme to cheat investors through an illegal crypto investment channel.
The court has ordered 14 days of police custody for the main accused, citing concerns that they might tamper with evidence or influence witnesses.
Sources close to the investigation revealed that more arrests are likely, as police probe whether this was part of a larger crypto fraud syndicate operating across India.
Crypto Scams on the Rise in India
The Kolkata case adds to a troubling trend of rising cryptocurrency scams across India in 2025. With the country’s growing retail participation in digital assets, bad actors are exploiting investor enthusiasm and limited regulatory oversight.
Many victims are first contacted through social media ads, fake trading platforms, or even impostor “crypto influencers” promising unrealistically high returns.
Experts warn that such schemes often prey on financial greed and lack of awareness.
“If an investment sounds too good to be true — it probably is,” said a blockchain analyst commenting on India’s crypto fraud landscape.
Investors are urged to verify company credentials, avoid unlicensed platforms, and only trade through regulated crypto exchanges.
Tracing the Money Trail
Authorities are now tracking bank accounts, digital wallets, and electronic devices linked to the suspects to recover stolen funds and identify potential collaborators. Investigators believe the scam may be tied to other interstate fraud networks exploiting the crypto boom.
The Kolkata Police have also issued a public advisory, warning citizens to stay alert when dealing with digital investment offers.
This latest case serves as a sharp reminder that while crypto assets hold potential, unregulated schemes can quickly turn dreams of profit into devastating financial losses.
Key Takeaway
The ₹25 crore Kolkata crypto scam underscores India’s growing challenge in combating digital investment fraud. As law enforcement races to catch up with the pace of crypto innovation, the need for investor education and regulatory clarity has never been more urgent.