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 <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/mumbai-worli-woman-loses-rs-13-lakh-in-telegram-cryptocurrency-investment-scam-23629696" target="_blank" rel="none noopener">cryptocurrency investments</a>, police said on Friday, reported PTI.
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, reported PTI.
"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, reported PTI.
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.
<h2>Cyber fraudsters posing as cops dupe Thane man of Rs 40.5 lakh</h2>
Meanwhile, a 70-year-old man from Maharashtra's Thane city was allegedly duped of Rs 40.5 lakh by <a href="https://www.mid-day.com/mumbai/mumbai-news/article/mumbai-crime-cyber-fraudsters-dupe-two-residents-of-rs-64-94-lakh-using-fake-trading-dashboards-23630399" target="_blank" rel="none noopener">cyber fraudsters</a>, who posed as police officers and threatened to arrest him in a fake terror funding case, an official said on Monday, reported PTI.
The complainant, a former businessman from the Majiwada area, was targeted between April 9 and April 28, and, following his complaint, the Rabodi police registered a case on Saturday under the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act, the official said.
According to the police, the accused Ram Rakhan Gaikwad, Prem Kumar Gautam, and Rakesh Agarwal, named in the complaint, contacted the victim by phone, claiming to be police officers, reported PTI.
"They made the complainant download a mobile phone application called Signal and conducted video calls through it. The fraudsters allegedly informed the victim that the <a href="https://www.mid-day.com/mumbai/mumbai-news/article/maharashtra-anti-terrorism-squad-raids-four-locations-in-mumbai-over-suspected-pakistan-terror-links-suspects-questioned-23619092" target="_blank" rel="none noopener">Anti-Terrorism Squad</a> had registered a case against him in Lucknow and that money linked to the crime had been transferred to his bank account," the official from Rabodi police station said.
The trio allegedly told the complainant that a warrant had been issued against him and that he would have to cooperate in an RBI verification process to prove that the money in his bank accounts was legitimate, he said.
"Fearing arrest, the complainant transferred Rs 40.5 lakh into six different bank accounts provided by the accused," the official said, adding that a probe is underway.
(With inputs from PTI)

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

Thane: Seven investors cheated of Rs 1.61 crore in crypto scam

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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

Thane man booked for duping seven cryptocurrency investors of Rs 1.61 crore

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