A 56-year-old loan consultant from Maharashtra's Navi Mumbai township has allegedly been duped of Rs 72.7 lakh in a cryptocurrency investment fraud, police said on Monday.
The victim, a resident of Belapur, was lured by some persons into a fraudulent scheme promising high returns on USDT (Tether) investments.
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After the accused gained the victim's confidence by promising lucrative profits in cryptocurrency trading, he deposited large sums into the specified accounts through various websites between May 2024 and December 2025. Later, the fraudsters severed all contact, a police official said.
After the victim realised he had been blocked from the investment platforms, he lodged a police complaint.
The police registered a case on Sunday against five unidentified persons and three web platforms under sections 318(4) (cheating), 319(2) (cheating by personation), and 3(5) (common intention) of the Bharatiya Nyaya Sanhita and provisions of the Information Technology Act, the official said.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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