Crypto

Navi Mumbai Cyber recovers Rs 32.66 cr from crypto fraudsters

According to an official on Wednesday, the Navi Mumbai cyber police investigating a cryptocurrency scam have blocked many bank accounts with a combined value of Rs 32.66 crore.

A guy claiming to have spent over Rs 6.6 crore in cryptocurrency trading filed a cheating charge with the cyber police station in Navi Mumbai in August, according to senior police inspector Gajanan Kadam.

In the complaint, the guy said that after becoming friends, the caller persuaded him to invest in Bitcoin trading with the promise of high profits.

The official stated that once the complainant began making large investments, he received a total of Rs 75 lakh in returns on several occasions, but eventually stopped receiving the same amount.

According to certain provisions of the Information Technology Act and the Indian Penal Code, an infraction in this regard was reported to the cyber police.

A police investigation team initially sought information from the banks where the complainant had made payments, freezing accounts totalling Rs 32,66,12,091 over the previous several weeks, according to the source.

In the final week of September, the investigation team narrowed their focus on two individuals from Ghatkopar, a nearby city in Mumbai, based on many leads.

The source stated that Rajendra Ramkhilavan Patel (52), and Balu Sakharam Khandagale (42) were later taken into custody by the police.

During the investigation, it was discovered that the detained individuals had given mobile phone numbers, bank account information, chequebooks, and ATM cards to others implicated in the crime.

The police noted that efforts are being made to apprehend the other people engaged in the crime.