Mumbai Businessman Duped of ₹18 Lakh on Pretext of Cryptocurrency Trading; Three Arrested

In a case of cyber-financial fraud, a businessman was allegedly cheated of nearly ₹18 lakh by a six-member gang that lured him with an offer to provide USDT (Tether cryptocurrency) at a cheaper rate. The Kurar Police have arrested three accused who had initially fled after the crime was registered.

The arrested accused have been identified as Vishwanath alias Vishnu Nilakandan Shettiyar, Tushar Madhav Umap, and Rakesh Eknath Sawant. All three are currently in judicial custody. Police are on the lookout for the remaining accomplices involved in the fraud.

According to the police, the complainant, Senthilkumar, resides in Andheri with his family and is engaged in commodity trading, with occasional investments in the stock market. He had come in contact with accused Tushar Umap through trading circles. The two met near Infinity Mall in Andheri in January, where they discussed stock market investments, commodity trading, and cryptocurrency, particularly USDT.

During the meeting, Umap allegedly promised to provide USDT at a lower-than-market price. A few days later, he introduced Senthilkumar to his associates. Following multiple discussions, the group finalised a deal for the purchase of USDT worth ₹25 lakh, eventually agreeing on buying 26,000 USDT.

As per the plan, all parties met on March 28 at a hotel on Film City Road in Goregaon. During the meeting, accused Vishwanath claimed he possessed 1,03,000 USDT. However, the complainant reiterated his intention to purchase only 26,000 USDT. Accordingly, a cheque of ₹17,93,600 was handed over and the amount was transferred to the accused.

Despite receiving the payment, the accused failed to deliver the promised USDT. When questioned, they allegedly gave evasive responses and avoided further contact. Realising he had been cheated, the complainant approached the Kurar Police and filed a complaint.

Based on the complaint, police registered a case of cheating and criminal breach of trust. During the investigation, the three accused were tracked down and arrested. After police custody, a court remanded them to 14 days of judicial custody.

Police officials stated that involvement of additional Accuse has come to light, and efforts are ongoing to trace and apprehend the remaining members of the gang.