Mumbai: Accused Arrested for Duping Senior Executive of Rs 60 Lakh on Pretext of Cryptocurrency Investment

The Cyber Cell of the North Region Division has arrested a man identified as Arbaaz Wasim Mansuri in connection with a cyber fraud case in which a senior executive of a private company was allegedly cheated of nearly Rs 60 lakh on the pretext of cryptocurrency investment.

Police said the accused is currently in custody and is alleged to have provided bank accounts to cyber fraudsters for routing cheated money. Investigators suspect that funds from several other fraud cases were also transferred to his bank account, and further probe is underway. Search operations are on to trace the remaining accused involved in the racket.

According to police, the complainant is a resident of Kandivali and lives with his wife and daughter. He works as a Technical Manager in a private company.

On February 15, 2026, he was added to a WhatsApp group claiming to offer investment advice. Members in the group were allegedly discussing investments in cryptocurrency, mutual funds and the stock market. Interested in cryptocurrency trading, the complainant contacted the group admin, who sent him a link to a trading platform.

After opening the link, the complainant allegedly shared his personal details along with his bank account information on the platform.

Between February 18 and March 6, 2026, he invested Rs 60,61,780 in cryptocurrency through the platform. Earlier, he had also withdrawn Rs 92,000 from his bank account for the investment.

As the online dashboard showed high returns, he continued investing. Later, the platform reflected a balance of 2,17,118 US dollars in his account.

In March, when he applied to withdraw the amount, the company informed him that his request was under processing. Subsequently, the group admin allegedly demanded an additional 15 per cent payment as processing charges to transfer the funds to his bank account.

Suspecting foul play, the complainant refused to pay any further amount. Soon after, the admin stopped all communication.

Realising that he had been cheated, the complainant lodged a complaint on the National Cyber Crime Reporting Portal (NCCRP) and with the North Cyber Cell.

After verification, police registered an FIR against unidentified cyber fraudsters under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act.

During the investigation, technical analysis led police to Mansuri. Probe revealed that part of the complainant’s money had been transferred to his bank account, which was later allegedly forwarded to the main fraudsters.

Police said Mansuri is accused of supplying bank accounts to the gang. Investigators also found that money from other fraud cases had been credited to his account.

He was produced before a court, which remanded him to police custody. Further investigation is in progress to identify and arrest the remaining accused.