The Navi Mumbai police have swiftly dismantled a substantial cryptocurrency scam, which had sent shockwaves through the digital investment landscape. Responding to a complaint filed by a Mumbai resident, the authorities initiated an intensive investigation that culminated in the seizure of accounts containing a staggering $3.92 million.
The victim’s ordeal began when he was approached by a persuasive female caller who introduced him to cryptocurrency trading, promising significant returns on his investments. Initially, he received profits totaling around Rs 75 lakh, but soon the returns ceased, leading him to realize he had been defrauded.
In response to the complaint, the Navi Mumbai police initiated a swift investigation, focusing on the cyber police station. They traced the fraudulent operation’s financial trail, successfully freezing bank accounts holding a staggering Rs. 32.66 crores (approximately $3.92 million), indicating the scale of the operation.
Two primary suspects, Balu Sakharam Khandagale and Rajendra Ramkhilavan Patel, were arrested in Mumbai’s Ghatkopar region, with evidence suggesting a broader network of fraudsters.
The ongoing investigation aims to unravel the entire network, with the case registered under relevant Indian laws to tackle fraud and digital platform misuse.
This incident underscores the risks in the digital investment space and serves as a reminder for investors to exercise caution, conduct thorough research, and avoid falling for promises that seem too good to be true.
The efficient action by the Navi Mumbai police provides hope for justice and the eventual apprehension of those behind this large-scale scam, while the crypto community and investors await further developments in this ongoing case.
