Crypto Conundrum: Massive Scam Unmasked in Thane

Twenty individuals have been booked in Thane for scamming a mobile repair technician and other investors of Rs 26 lakh in a cryptocurrency scheme. The accused promised high returns but failed to deliver or return the investments. A case has been registered, but no arrests have been made yet.

In a major crackdown, law enforcement officials in Thane district have booked 20 people for allegedly defrauding a mobile repair technician and other investors of Rs 26 lakh through an elaborate cryptocurrency investment scam.

The accused allegedly enticed investors by promising staggering returns of 12-15 times the initial investment between May 2022 and March 2024. Meetings and phone calls were the mediums used to hook potential victims.

Despite their promises, the fraudsters ceased communication and withheld the funds, leaving investors helpless. The police have registered a case under relevant laws, though no arrests have been made.

(With inputs from agencies.)