Navi Mumbai Loses Rs 10 Lakh To Crypto Scam. Here’s What We Know So Far

A 37-year-old Navi Mumbai resident has become the latest victim of a cryptocurrency scam, leading to a loss of over Rs 10 lakh. As reported by PTI, the victim, whose identity remains undisclosed, was reportedly lured into investing in cryptocurrencies, including Bitcoins, with the promise of high returns. The fraudulent scheme was orchestrated via phone calls and messages on the Telegram app between February 9 and February 11.

The victim detailed in his complaint that he was convinced by the fraudsters to transfer a sum of Rs 10.61 lakh into several bank accounts under their guidance. However, the promised returns never materialised, and subsequent attempts to contact the perpetrators were futile.

Realising the scam, the aggrieved individual approached the Uran police, leading to the registration of a case of cheating under the Indian Penal Code and the Information Technology Act, as confirmed by the station house officer on Thursday.

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This incident is not isolated within the region. In a similar case reported in January, a 59-year-old businessman from Kalamboli, engaged in the logistics industry, was defrauded of Rs 60.23 lakh. The businessman was enticed into investing in forex and cryptocurrency trading by a group of individuals promising substantial financial gains. According to Senior Police Inspector Gajanan Kadam, the victim made transactions amounting to Rs 64,70,024, following links provided by the accused. The Navi Mumbai cyber cell took up the case, with five individuals named as suspects.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.