In recent years, the proliferation of cryptocurrency scams has understandably left investors on edge.

However, in a notable turn of events, the Navi Mumbai police have taken action, unveiling a sizeable cryptocurrency scam on 18 October.

Reports indicate that the Navi Mumbai police have seized multiple bank accounts connected to this cryptocurrency fraud, with a total value of approximately Rs. 32.6 crore, or roughly $3.92 million.

Fake Promises of Substantial Returns

The investigation was set in motion following a complaint lodged in August by an individual who disclosed investments exceeding Rs. 6.6 crore in cryptocurrency trading.

Swiftly initiating their inquiry upon receipt of the first information report (FIR), the victim shared on what transpired.

He recounted how a woman caller, who had cultivated a friendship with him, eventually persuaded him to invest in cryptocurrency trading with promises of attractive returns.

Trusting in these assurances, the individual invested significant sums and initially received returns totaling Rs. 75 lakh on multiple occasions.

However, the returns suddenly ceased, prompting the involvement of the police, who launched an in-depth probe.

Subsequently, the authorities seized bank accounts harbouring funds amounting to Rs. 32.66 crore, or approximately $3.92 million.

Gajanan Kadam, a senior official at the cyber police station in Navi Mumbai, noted that the investigation was instigated two months earlier when the initial cheating complaint was filed in August 2023.

Mumbai Police Arrested Two Individuals

Through examination of bank accounts and critical information, the investigative efforts led to the identification of the culprits behind the fraudulent operation and the associated bank accounts used for illicit activities.

Further intensifying the investigation, two individuals, Balu Sakharam Khandagale, aged 42, and Rajendra Ramkhilavan Patel, aged 52, were apprehended in connection with the cryptocurrency scam.

Their arrests took place in the Ghatkopar region of Mumbai, Maharashtra, as reported by the investigating police officer.

Additionally, the arrested individuals were found in possession of mobile phones, ATMs, bank passbooks, and checks that were handed over to other participants in the fraudulent scheme.

The police are currently engaged in the interrogation of the arrested suspects and have formed a dedicated team to pursue those who remain at large.

Meanwhile, the case has been formally registered with the cyber police under various sections of the Indian Penal Code and the Information Technology Act.