- Thane police have arrested a 44-year-old man on suspicion of Rs 1.61 billion digital forex rip-off.
- Between December 2023 and June 2025, seven traders had been scammed with guarantees of excessive crypto returns.
- When police traced the funds, the suspect transferred the cash to the lady’s checking account.
A 44-year-old Thane resident was arrested on Friday for allegedly defrauding seven folks of Rs 1.61 billion after promising excessive returns by crypto investments, police mentioned on Friday, in line with PTI.
The case was registered by Kasarwadabari police after a criticism was filed on Could 25. Police mentioned the alleged fraud happened over a protracted time frame, from December 2023 to June 2025.
In keeping with the criticism, a 45-year-old man claims that the defendant satisfied him and 6 others to spend money on cryptocurrencies with the promise of excessive returns. The suspects allegedly collected Rs 1.61 billion from the group over time.
Police hint funds to lady’s related financial institution accounts
Officers cited within the PTI report mentioned the suspects instructed traders to deposit funds into a selected checking account of a girl. Her husband reportedly labored within the defendant’s workplace.
Subsequently, traders didn’t obtain the promised income. Police mentioned they finally realized that they had been tricked and subsequently filed a criticism.
Nevertheless, the report didn’t reveal the suspect’s identify or whether or not any arrests had been made. Police mentioned an investigation into the matter is ongoing.
Cryptocurrency fraud incident involving seven traders raises the danger of high-return fraud
The incident comes amid continued considerations over funding fraud associated to digital property in India. Cryptocurrency-related scams usually lure traders with guarantees of enormous or assured returns earlier than transferring the funds to a private or third-party checking account.
The Reserve Financial institution of India has beforehand issued warnings to digital forex customers, holders and merchants about monetary, operational, authorized, buyer safety and safety dangers. The central financial institution additionally mentioned traders buying and selling such property achieve this at their very own danger.
Due to this fact, India has introduced digital digital asset service suppliers below the Anti-Cash Laundering and Combating the Financing of Terrorism Framework of the Prevention of Cash Laundering Act. The federal government, in a parliamentary reply dated March 30, 2026, mentioned VDA service suppliers report entities to the Monetary Intelligence Bureau of India and are required to report sure transactions, together with suspicious transactions.
Victims of cyber fraud are urged to file complaints by calling 1930
Notably, India’s Nationwide Cybercrime Reporting Portal permits residents to report cybercrime complaints, together with monetary fraud, on-line. The portal states that complaints might be dealt with by regulation enforcement businesses and police based mostly on the data supplied by the complainant.
The portal additionally lists 1930 because the cybercrime helpline quantity for reporting cyber frauds. Authorities usually advise victims of on-line monetary fraud to report suspicious transactions instantly and save transaction particulars, checking account data, screenshots, and correspondence.
In Mr Thane’s case, police are presently investigating the criticism and tracing the funds to see how the funds had been collected and whether or not extra folks or accounts had been concerned.
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