In recent news, three Indian veterans approached the Chandannagar police in Pune, accusing a trading company and its eight executives of defrauding them over 798.1 lakh Indian rupees (approximately $96,000) through a cryptocurrency scam since 2022. This event sheds light on the gravity of fraud in the cryptocurrency sector, especially its repercussions on vulnerable populations. The victims stated that they invested substantial portions of their retirement savings in cryptocurrencies based on assurances of a doubling of their investments within 20 months and a 10% monthly return. Sadly, as time progressed, they did not receive the expected substantial returns but found that their funds were illegally appropriated. More astonishingly, one of the implicated veterans had been previously arrested for similar incidents and is currently detained at Yerawada jail. The police are currently awaiting court permission to question the involved parties further. It is disclosed that this company once organized cryptocurrency seminars in Lonavla and Wagholi, Maharashtra, enticing a large number of individuals to invest. Following their realization of the fraud, the three investors decided to file a complaint with the police, revealing this fraudulent behavior.