Cryptocurrency Scam in Maharashtra: MBA Student in Nagpur Loses Rs 23 Lakh to Crypto Investment Fraud

An MBA student from Nagpur city in Maharashtra has allegedly been duped of Rs 23 lakh after being promised lucrative returns in cryptocurrency investments.

A 28-year-old was scammed through the Telegram messaging platform on November 17, 2023. A fraudster posing as an investment advisor approached him through the messaging app for funding into digital currency. The fraudster lured the student to invest in a cryptocurrency scheme while promising him good returns. The scamster hailed from Hooghly in West Bengal.

Also Read | Fake FedEx Courier Scam: Bengaluru Woman Made To Strip on Camera, Loses Rs 15 Lakh.

According to the news agency PTI report, the fraudster asked the student to first deposit Rs 1,000 into a bank account specified by the person and received Rs 1,400 in return. Later, over a period of time, the student ended up depositing a total of Rs 23 lakh into the account, hoping to get profits as promised.

However, he did not receive the promised returns, nor was he able to retrieve the invested amount. He registered a complaint at the Wathoda police on Tuesday (April 10), a case under relevant provisions of the Indian Penal Code and the Information Technology Act, and was conducting a probe into it.