Navi Mumbai Businessman Loses Over Rs 60 Lakh To Crypto Fraud. Here's What Happened

Authorities caution individuals unfamiliar with complex financial instruments like forex and cryptocurrency to exercise prudence.

The victim, engaged in the logistics business, allegedly fell prey to a scam involving forex and cryptocurrency trading, promising lucrative returns.

A 59-year-old businessman residing in Kalamboli, Navi Mumbai, has reported a financial fraud amounting to Rs 60.23 lakh. The victim, engaged in the logistics business, allegedly fell prey to a scam involving forex and cryptocurrency trading, promising lucrative returns. The case, registered by the Navi Mumbai cyber cell, names five individuals as the accused, as reported by PTI.

According to Senior Police Inspector Gajanan Kadam, the perpetrators approached the victim last month, enticing him with promises of high returns through investments in forex and cryptocurrency trading. Subsequently, the Navi Mumbai businessman invested Rs 64,70,024 through various links provided by the accused.

Upon requesting returns on his investment, the victim faced evasive responses from the accused. Despite persistent follow-ups, the fraudsters only returned Rs 4,46,878, after which they ceased communication. In response to the victim's complaint, the cyber cell police registered a case on Monday, invoking sections 419 (cheating by personation) and 420 (cheating) of the Indian Penal Code.

Authorities caution individuals unfamiliar with complex financial instruments like forex and cryptocurrency to exercise prudence. The official emphasises the importance of thorough research into investment platforms and individuals before committing funds. He advises against relying on unreliable links or unfamiliar websites, particularly when confronted with enticing guarantees of high returns.

In a separate incident, police have initiated legal action against nine individuals accused of defrauding a 42-year-old woman and others in Navi Mumbai of Rs 2.97 crore. The fraudsters allegedly promised high returns through various investment schemes, investing the funds in shares, movable and immovable properties over the past three years. Despite these investments, the accused failed to provide any gains or return the money to the victims. The woman, a resident of Seawoods in Navi Mumbai, filed a complaint leading to the registration of a case against the nine individuals under relevant provisions of the Indian Penal Code and financial regulations.

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