Crypto trading fraud: Mumbai doctor among 9 others duped of Rs 1.5 crore

Pune: In a cyber fraud case reported in the city, a Mumbai-based doctor and eight others lost around Rs1.5 crore on the pretext of huge returns on cryptocurrency investment. Following this, the city police initiated a probe into the matter and declared the suspect as wanted. 

The complaint was filed by a 46-year-old medical practitioner from Mulund (East) last week at the Yerawada police station who has invested around Rs 25 lakh, following which an FIR was registered in connection with the case on Sunday. 

According to the police, the suspect had opened a fake office and convinced investors to invest in the cryptocurrency on the pretext of giving huge returns. However, after gathering the money from 9 victims, the suspect fled and is reportedly at large. The incident started in May 2022 when two firms in Pune started seeking investments from people.

Also read- Mumbai Doctor, Friend Duped Of Rs 2.55 Lakh On Pretext Of Cryptocurrency Investment

“The proprietors of the two firms asked interested parties to invest into Bitcoins through applications they claimed they had developed. On the investments in the first scheme, the firms promised doubling of the money in 12 months. And in the second scheme, the firms promised 15 percent of the invested amount every month, for a duration of 15 months. The firms started taking money in May last year and the proprietors allegedly fled their offices around October. They have since been untraceable. ” an officer from Yerawada police station informed The Indian Express.  

“Till now eight investors have approached us saying that they have been duped of a total of Rs 1.47 crores. Some of these investors are from various places in Mumbai including Mulund, Panvel, Dombivli and some from other places, including Aurangabad. We have reasons to believe that the number of people who have been cheated in this suspected scam is much more. We are working on various leads," added the officer.

Yerwada inspector Jaydeep Gaikwad said, "The doctor in his complaint, said his friend first invested Rs 50 lakh in a firm that had an office at Ramwadi. The friend then convinced him. In May 2022, the doctor visited Pune and invested Rs 25 lakh. A month ago, the suspect locked up his Ramwadi office and his Kharadi flat and went missing. These properties had been taken on rent. We have obtained his ID details and are verifying the same."

"The firm owner used to call prospective clients on phone seeking cryptocurrency investments. He also used to ask existing investors to spread the word. He used to promise to double the investments, or 15% to 20% returns in a year," the officer said.

The doctor informed TOI: "The man, who would identify himself as Imran Khan, had uploaded many advertisements on social media sites and other online platforms, and had appointed agents. He claimed that he dealt with cryptocurrencies, forex and other businesses. He promised good returns. He paid the returns on a monthly basis, but that stopped in September 2022. We were able to see our money on his website, but he had complete control. He also floated his own cryptocurrencies and urged investors to invest in them for higher profits."

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