Navi Mumbai: 38-year-old man loses Rs 4.07 lakh in cryptocurrency fraud

A 38-year-old resident of Navi Mumbai reportedly fell victim to a scam where three individuals allegedly duped him of Rs 4.07 lakh. The suspects enticed him to invest in bitcoin trading, making false assurances of lucrative returns, as per the police statement on Thursday. The accused, including two women, claimed to be associated with a company and sent the man a link of the firm to invest in bitcoin trading.

In the period between March and June of this year, the individual invested Rs 4,07,536 via the digital platform, lured by promises of substantial returns within a short timeframe, according to a Navi Mumbai police official. However, when the man requested the promised returns, the accused ceased communication with him.

The man then approached the APMC police in Navi Mumbai with a complaint, based on which a case was registered on Wednesday against the three accused under Indian Penal Code sections 420 (cheating) and 34 (common intention) and provisions of the Information Technology Act. A probe was on into the case, the police said.