Chandrapur Cryptocurrency Scam: Multi-Crore Fraud Uncovered by Economic Offences Wing
The Economic Offences Wing (EOW) in Chandrapur has exposed a sophisticated cryptocurrency investment scam suspected to involve crores of rupees, revealing a widespread racket that allegedly defrauded investors across the entire district. This significant financial fraud has prompted urgent action from law enforcement agencies as they work to unravel the complex network behind the deceptive scheme.
Arrests Made as Investigation Intensifies
Authorities have arrested two alleged scamsters in connection with the elaborate cryptocurrency fraud. The accused individuals have been identified as Ramesh Bhaskar (33), originally from Sneha Nagar in Parli Vaijnath of Beed district but currently residing in a rented house in Solapur, and Mangaldas Varkhade (49), who hails from Junona near Chandrapar city. During detailed interrogation sessions, officials report that both suspects admitted to orchestrating the fraudulent investment scheme and misleading a substantial number of people through false assurances and fabricated investment models.
Victim Testimony Reveals Deceptive Tactics
The case first came to light following a formal complaint filed by 27-year-old investment manager Kartik Khangar, who detailed how he and numerous other investors were systematically deceived. The alleged fraudsters reportedly enticed victims with compelling promises of exceptionally high returns, exclusive investor identification numbers, and even luxury incentives including the offer of a Mahindra XUV300 vehicle. Acting on these seemingly legitimate opportunities, Khangar invested Rs 14 lakh alongside several other known individuals, while many additional victims deposited substantial sums of money, only to later discover the entire operation was fraudulent.
Legal Framework and Investigation Scope
Police officials have registered a formal offence at Ramnagar police station under relevant provisions of the Bharatiya Nyaya Sanhita and the Maharashtra Protection of Interest of Depositors (MPID) Act. The investigation, now being spearheaded by the Economic Offences Wing, indicates a much wider network specifically targeting unsuspecting investors throughout Chandrapur district. Authorities estimate the number of victims likely runs into hundreds, suggesting a deeper and more extensive financial fraud than initially suspected.
Recovery Process and Victim Assistance
Authorities have initiated comprehensive proceedings under the MPID Act to facilitate the recovery of investor funds. The Economic Offences Wing has issued a public appeal urging all affected individuals to come forward promptly, lodge formal complaints, and submit relevant documentation to support their claims. Officials emphasize the importance of victims submitting claim forms and providing valid documents to aid the ongoing investigation and recovery process. This collaborative approach between law enforcement and victims represents a crucial step toward addressing the financial damage caused by this elaborate cryptocurrency scam.
