High Returns Scam! Cryptocurrency Trading Fraud In Navi Mumbai, Businessman Loses Rs 60

A 59-year-old businessman from Navi Mumbai township in Maharashtra has allegedly been duped of Rs 60.23 lakh after being lured to invest in forex and cryptocurrency trading for lucrative returns, police said on Tuesday.

The police have registered a case against five persons in this connection.

The accused last month contacted the victim, a resident of Kalamboli area who runs a logistics business, and lured him to invest in forex and cryptocurrency trading, promising high returns, Navi Mumbai cyber cell’s senior police inspector Gajanan Kadam said.

The victim subsequently invested Rs 64,70,024 through various links provided by the accused.

When the businessman sought returns on his investment, the accused initially gave evasive replies. After the victim’s persistent follow-up, the accused returned only Rs 4,46,878 to him and later became unresponsive, the official said.

Based on the victim’s complaint, the cyber cell police on Monday registered a case against five persons under sections 419 (cheating by personation) and 420 (cheating) of the Indian Penal Code, the official said.

He said people unfamiliar with complex financial instruments like forex and cryptocurrency are advised to exercise caution and thoroughly research any investment platform or person before committing funds.

Lucrative guarantees of high returns should raise suspicion, the official said, adding that people should seek advice from qualified professionals before making investment decisions and avoid investing through unreliable links or unfamiliar websites.