A 45-year-old resident of Maval taluka in Pune district has become the latest victim of a sophisticated cryptocurrency investment scam, losing a staggering sum of Rs 21.35 lakh. The fraud, which unfolded over June and July last year, saw cybercriminals lure the man with promises of high returns before vanishing with his money.
How the Elaborate Cryptocurrency Scam Unfolded
The victim, an employee of a private company, was first approached by the fraudsters in June 2023 through a mobile messaging application. Posing as legitimate investment advisors, they promised him guaranteed profits of at least 20 percent on investments made in cryptocurrency. To build trust, they sent him a registration link for a seemingly genuine trading platform.
The scammers initially returned a small profit amount to the investor, a classic tactic used to gain credibility and encourage larger investments. Once his confidence was secured, the trap was set. Over a short period of just 15 days, the victim proceeded to transfer a total of Rs 21.35 lakh into multiple bank accounts provided by the criminals.
The Vanishing Act and Police Complaint
The scheme collapsed when the man attempted to withdraw his funds. The fraudsters began avoiding his queries, offering a series of excuses. The final red flag appeared when they deleted the trading link they had provided, cutting off all communication. Realising he had been cheated, the victim approached the authorities.
He filed an online complaint, which after preliminary inquiries led to the registration of a formal case at the Talegaon MIDC police station on Saturday. Senior police inspector Santosh Patil confirmed the details of the incident to the media. "Our investigations are on," stated Inspector Patil, highlighting the ongoing efforts to track down the perpetrators.
A Stark Reminder of Rising Cybercrime
This case underscores the growing threat of financial cybercrime in India, particularly scams masquerading as lucrative digital currency opportunities. Fraudsters are employing increasingly sophisticated psychological tactics, such as showing fake initial returns, to exploit the public's interest in new-age investments.
The police have advised citizens to exercise extreme caution with unsolicited investment offers, especially those promising unrealistically high returns with low risk. Verifying the legitimacy of trading platforms and consulting certified financial advisors is crucial before transferring any money.
