A 56-Year-Old loan consultant from Belapur Area, Navi Mumbai, Maharashtra, has allegedly been duped of Rs. 72.7 Lakh in a fraudulent cryptocurrency investment
scheme, Police said on Monday. The Case involves an Online Trading Platform that allegedly promised high and guaranteed returns on USDT (Tether) investments to lure the victim. According to authorities, the victim made multiple deposits between May 2024 and December 2025 through various bank accounts and cryptocurrency wallets as instructed by the scammers. After the transfers, the victim was blocked from accessing the platform, and communication with the suspects ceased. Police said, the fraudsters had approached the victim, posing as experienced Bitcoin investors and financial advisors. They reportedly convinced the victim to invest additional amounts by promising consistent profits in cryptocurrency trading.
When the Victim Realised He Was Duped
The victim filed a complaint after realising he had been defrauded, a preliminary investigation led to an initial report with law enforcement and the creation of a case against unknown suspects and websites believed to have facilitated the scam on Sunday, according to news agency PTI.
Also Read: How Mumbai Criminal Used Sunny Deol’s Famous Dialogue ‘Sorry Bol’ To Snatch Chains in Borivali
Investigation Underway Against 5 Unidentified Persons; 3 Web Platforms
A case has been created under Section 318 (4), of the Bharatiya Nyaya Sanhita (BNS), which addresses "cheating"; Section 319 (2), of the BNS, which addresses "cheating by impersonating another person"; Section 3 (5) of the BNS, which addresses " common intention"; as well as provisions contained within the Information Technologhy Act (IT Act), according to officials involved in the case.
To support the investigation, police is working with cybercrime experts to identify those who are responsible for this crime and recover the stolen money.
Officials have requested the public to be cautious while investing in cryptocurrency or trading on online platforms, warning them about false promises of guaranteed or very high returns are often signs of cyber fraud.
(With Inputs from PTI)
