Victim Vijayvargiya reported the matter to the MP State Cyber Cell; authorities seek to determine if the fraud connects to a larger interstate or international network.

Related cases surfaced, including a 29-year-old software engineer in Surat detained for involvement in a similar scam, and a victim who lost about 72.73 lakh via Telegram-based crypto trading, with the suspect linked to an IDBI Bank account tied to multiple cyber frauds and facing IT Act and Bharatiya Nyaya Sanhita charges.

Authorities urge the public to verify unsolicited crypto or trading offers, avoid unfamiliar Telegram/WhatsApp groups, beware of early profits, report suspected fraud via cybercrime helplines, and refrain from sending money to strangers online.

The incident is described as one of the largest online investment scams in Madhya Pradesh, reflecting a broader pattern seen across Indian states.

Madhya Pradesh State Cyber Cell is leading the investigation, tracing 20 bank accounts, three WhatsApp numbers, and a fake portal URL, with plans to freeze accounts after establishing the IP trail.

Investigators are analyzing bank transactions, digital communications, and the fake trading portal to identify those responsible and map the money trail.

The case involves Ashok Vijayvargiya, a 70-year-old chartered accountant and chief election officer of the MP Chamber of Commerce, who was defrauded of about 21.06 crore through a social-media–driven crypto scam on a phony platform.

The scheme employed a fake online trading portal and more than 20 bank accounts, with on-portal profits showing as high as 33.25 crore before withdrawal attempts were blocked.

The scammers built trust by showing rising profits and initially paying out 1.88 lakh to establish credibility before requesting larger sums.

The scheme followed a confidence-building pattern: early apparent gains encouraged the victim to invest more, while withdrawals were never honored and reported profits were fake.

After the initial payout, the victim invested larger sums and even urged relatives and acquaintances to join, amplifying the reach.

The MP victim’s losses spanned seven months and highlighted the danger of fake crypto platforms encountered via social media.