A Thane resident has been charged with allegedly defrauding seven investors of ₹1.61 crore through a cryptocurrency investment scam promising lucrative returns.
Key Points
- A Thane man is accused of defrauding seven investors in a cryptocurrency investment scheme.
- The accused allegedly promised high returns on cryptocurrency investments to lure investors.
- Investors deposited Rs 1.61 crore into a bank account specified by the accused.
- The investors did not receive the promised returns and realised they had been cheated.
- Police are investigating the cryptocurrency investment fraud case in Thane.
A case has been registered against a 44-year-old man from Thane city for allegedly cheating seven investors of Rs 1.61 crore by promising lucrative returns on cryptocurrency investments, police said on Friday.
Details of the Cryptocurrency Investment Fraud
Based on a complaint filed on May 25, the Kasarwadavali police booked the accused, who allegedly committed the fraud between December 2023 and June 2025.
In his complaint, a 45-year-old man said the accused promised him and six others high returns on cryptocurrency investments. The accused subsequently collected a total of Rs 1.61 crore from them over a period of time.
Modus Operandi of the Scam
"The accused instructed the investors to deposit the money into a specific bank account belonging to a woman, whose husband reportedly worked in his office," an official said.
However, the investors failed to receive any of the promised returns. They later realised that they had been duped, the official said, adding that a probe is being conducted into the matter.
