Bhopal (Madhya Pradesh): A UPSC aspirant was allegedly defrauded of over ₹53 lakh in a cryptocurrency investment scam, as reported by police on Monday.
According to information, the incident occurred in the Misrod area of the capital after the fraudsters lured the aspirants with promises of 10% profit and trapped him.
Regarding the matter, Misrod police said that the victim aspirant was identified as 25-year-old Prakhar Dubey, a resident of Bhagwan Parisar and originally from Narsinghpur district.
He has been staying in Bhopal to prepare for UPSC.
On October 28, 2025, he came across information about crypto investment through an online site and later opened a Demat account on the suggested platform.
The fraudsters kept encouraging him to invest through messages and online communication. Initially, the website showed profits on his investment, which increased his trust.
Believing it to be genuine, he transferred a total of ₹53.10 lakh through RTGS and online transactions in multiple installments by November 21, 2025.
After receiving the large amount, the company’s website suddenly stopped working and all contact with the fraudsters was lost. When he failed to recover his money, he realised he had been cheated.
Prakhar Dubey has filed an e-FIR. Police have registered a case against unknown accused and the cyber gang involved.
Investigation into bank accounts and digital transactions is underway.
Recent cases
In a similar case, a property dealer from Bhopal was cheated of ₹18.5 lakh by cyber fraudsters who promised high returns through share trading.
The victim, Lalit Namdev from Chanakyapuri, found a mobile app on social media in January and contacted the given number.
A woman convinced him to invest, promising big profits and charging a commission.
He kept investing as the app showed his money growing to nearly ₹50 lakh. But when he tried to withdraw, the fraudsters asked for an extra 25% fee. By then, he had already deposited about ₹18.55 lakh.
