Crypto investment scam: Mumbai doctor among 8 defrauded of Rs 1.5 crore
PUNE City Police has launched an investigation into a suspected cryptocurrency investment scam in which two firms registered in Pune sought money from investors promising high returns on investments in Bitcoins through the application developed by them. So far, at least eight investors, including a doctor from Mumbai, have approached the police saying they have been cheated of Rs 1.5 crore by the owners of the company.
A first information report in the case was registered on Sunday afternoon based on a complaint filed by a doctor from Mulund area of Mumbai who has invested around Rs 25 lakh through the accused companies. The two firms, according to the police, are registered at an address in Pune and had started seeking investment from people around May last year.
“The owners of the two firms solicited interested parties to invest in Bitcoins through applications they claimed to have developed. On the investments in the first scheme, the companies promised a doubling of the money in 12 months. And in the second scheme, the firms promised 15 percent of the invested amount each month, for a duration of 15 months. The firms started taking money in May last year, and the owners are said to have fled their offices around October. They have since been untraceable. said an officer from Yerawada police station.
“Till now, eight investors have approached us and said they have been cheated of a total of Rs 1.47 crore. Some of these investors are from different places in Mumbai including Mulund, Panvel, Dombivli and some from other places including Aurangabad. We have reason to believe that the number of people who have been defrauded in this suspected scam is much more. We work on different tracks.”
As reported by the Indian Express earlier this year, the number of complaints to the Pune police from people cheated by making promises of huge returns on investments in various cryptocurrencies increased from 71 in 2021 to 154 in 2022.
Officials have said that with an increasing number of people investing in the virtual currency for higher returns, the fake platforms that cheat are also coming up in large numbers.
Cybercrime investigators in Pune said these scams they have been investigating have been carried out largely in three ways. In some cases, cybercriminals seek investments from people who promise high returns on investments in known cryptocurrencies. In some cases, cyber fraudsters claim to have created their own cryptocurrencies and cheat investors through them. While in some cases, suspects offer fraudulent exchanges for known virtual currencies and flee with investors’ money.
