Navi Mumbai Trader Falls Victim to Cryptocurrency Fraud

A man from Navi Mumbai lost over Rs 36 lakh in a cryptocurrency scam. Two individuals posing as financial institution representatives lured him into investing with promises of high returns. After siphoning off the money, the suspects became unresponsive. Police have registered a case and are investigating.

A Navi Mumbai-based stock trader has reportedly lost more than Rs 36 lakh as two individuals lured him into a cryptocurrency investment scam promising high returns, police reported on Friday.

The alleged fraudsters contacted the victim from Kharghar in April, posing as representatives of a financial institution, and convinced him to undergo cryptocurrency trading training. The victim complied, after which the scammers gradually drained Rs 36,80,151 through multiple transactions by linking him to different trading platforms, stated an official.

When the victim attempted to retrieve his money and demanded the promised returns, the suspects turned unresponsive, he added. The defrauded trader then reached out to the police. Based on his report, authorities registered a case under sections 316(2) (criminal breach of trust) and 318(4) (cheating) of the Bharatiya Nyaya Sanhita (BNS), as well as the Information Technology (IT) Act, with a detailed investigation currently underway.

(With inputs from agencies.)