Man from Navi Mumbai Loses Rs 4.07 Lakh in Cryptocurrency Fraud

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A 38-year-old man from Navi Mumbai has been allegedly cheated of Rs 4.07 lakh by three persons who lured him to invest money in bitcoin trading on the false promise of good returns, police said on Thursday. The accused, including two women, claimed to be associated with a company and sent the man a link of the firm to invest in bitcoin trading. Between March and June this year, the man invested Rs 4,07,536 through the digital platform after being assured of good returns in a short period, a Navi Mumbai police official said. When the man sought the returns as promised, the accused stopped communicating with him. The man then approached the APMC police in Navi Mumbai with a complaint, based on which a case was registered on Wednesday against the three accused under Indian Penal Code sections 420 (cheating) and 34 (common intention) and provisions of the Information Technology Act. A probe was on into the case, the police said.

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