Navi Mumbai police, on October 18th, uncovered a massive cryptocurrency scam worth $3.92 million while arresting 2 after a person fell prey to fraud involving fake promises of returns.
According to reports, the Navi Mumbai police seized several bank accounts related to the crypto fraud, totaling approximately $3.92 million or Rs.32.6 crore.
A Mumbai resident who invested Rs 6.6 crores in the cryptocurrency market and fell victim to fraud has filed a complaint with the Navi Mumbai police.
As soon as the authorities received the first information report (FIR), they began their investigation. In the meantime, the victim reported that a woman caller befriended him and subsequently asked him to invest in cryptocurrency trading, promising high returns.
The man, believing the woman, invested the funds and received multiple returns totaling Rs 75 lakh. However, despite his investment, he eventually ceased accepting returns.
Mumbai Police Seize Bank Accounts
The police investigated and seized bank accounts containing approximately $3.92 million, or Rs. 32.66 crores. Notably, Gajanan Kadam, a senior official at the cyber police station in Navi Mumbai, stated that the investigation began two months ago when they received a fraudulent complaint in August 2023.
Based on the inputs and details of the bank accounts, the investigation determined that both the accused and the bank accounts were involved in unlawful fraud.
In addition, two individuals identified as Balu Sakharam Khandagale, 42, and Rajendra Ramkhilavan Patel, 52, were arrested in connection with the crypto fraud following an investigation.
According to the investigating officer, the arrests occurred in the Ghatkopar neighborhood of Mumbai, Maharashtra. The two detained individuals allegedly provided mobile phones, ATMs, bank passbooks, and checks to other fraud perpetrators. The police are interrogating the arrested suspect and have formed a team to find the fleeing suspect.
In the meantime, the cyber police have registered the case under various sections of the Indian Penal Code and the Information Technology Act, and further investigation is ongoing.
