A 55-year-old man from Nagpur has been defrauded of more than ₹1.40 crore in a cryptocurrency investment scam, cyber officials revealed. The incident began on July 25 when the victim encountered an online advertisement promising unusually high returns from crypto trading. He clicked on the link, which directed him to a fraudulent trading portal. Believing it to be legitimate, he registered on the website and was contacted by a person posing as a financial expert. On investing his first ₹1 lakh, the victim received ₹4.5 lakh in return, which convinced him the platform was authentic.
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Between July 11 and August 19, the man made several transfers amounting to ₹1.40 crore across various bank accounts, expecting even greater profits. However, when he attempted to withdraw his earnings, the operators of the fake platform demanded additional money under the pretext of tax payments. It was then that the victim realised he had been deceived. He subsequently lodged a complaint with the cybercrime police. Authorities have registered a case of cheating and forgery under relevant provisions of the Bharatiya Nyaya Sanhita, and investigations are underway.