Nagpur Businesswoman Defrauded of Rs1.48 Crore in Elaborate Crypto Scheme
A 46-year-old businesswoman from Besa, Nagpur, has become the victim of a sophisticated cryptocurrency fraud that cost her nearly Rs1.5 crore. Vaishali Kodhe, who operates a mineral water plant, filed an official complaint at Sitabuldi Police Station detailing how she was systematically cheated in a multi-level marketing scheme centered around the dubious 'Platincoin' cryptocurrency originating from Dubai.
The Elaborate Fraud Scheme
According to the FIR, the fraud occurred between November and December 2020 when Dubai-based accused Rajendra Upadhyay (47), Sanjay Gade (48), and Yogesh Bhalerao approached Kodhe with extravagant promises. They guaranteed returns of 60–100% within days, along with a Rs20 lakh monthly royalty for three years, a luxury car, and exclusive 'diamond position' rewards.
Exploiting the uncertainty during the Covid-19 pandemic, the fraudsters claimed that only their German-origin Dubai company, allegedly headed by one Alex Reinhart, could deliver such extraordinary profits. Under persistent pressure from the accused, Kodhe made the fateful decision to mortgage her three-acre farmland and secure a Rs1.5 crore loan to invest in the scheme.
Massive Financial Losses Documented
Between December 2020 and January 2021, Kodhe transferred Rs1.48 crore into multiple bank accounts and cryptocurrency wallets provided by the accused. She later reinvested bonuses received from the scheme, bringing her total financial exposure to a staggering Rs2.67 crore.
The fraudsters maintained the illusion of legitimacy by returning Rs55 lakh in instalments until April 2024, describing these payments as 'confidence-building' measures. However, the scheme eventually collapsed when the accused stopped responding to her calls, blocked her number, and continuously postponed refunds citing 'coin rate fall' and new cryptocurrency launches like Ultima Coin.
Multiple Victims Emerge in Nagpur
Police investigations have revealed that Kodhe was not the only victim of this elaborate scam. Several other Nagpur investors fell prey to the same gang, including Mahendra Tirpude who lost Rs90 lakh. Collectively, these additional victims were defrauded of over Rs1.32 crore, bringing the total known losses to approximately Rs2.8 crore.
Authorities have registered a case under sections 420, 406, 34 of the Bharatiya Nyaya Sanhita (BNS) and relevant provisions of the Information Technology Act. The investigation is ongoing as police work to track down the Dubai-based accused and uncover the full extent of the cryptocurrency fraud network.
This case highlights the growing threat of sophisticated investment scams targeting Indian investors, particularly during times of economic uncertainty. Financial experts caution investors to thoroughly verify any investment opportunity promising unusually high returns, especially in the largely unregulated cryptocurrency space.
