Land Dealer Scammed ₹1.33 Crore in Crypto Investment Scam, Faces Underworld Threats

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A 42-year-old land dealer from Bhosari lost ₹1.33 crore after falling victim to a cryptocurrency fraud scheme involving fake investment returns and criminal threats.

The Fraud Scheme Unfolds

The incident began in May 2024 when the victim was introduced to two suspects posing as cryptocurrency traders. The perpetrators claimed to have generated substantial profits for other investors, building credibility through initial transactions.

Initial Transactions and Trust Building

The land dealer transferred ₹19.70 lakh to the accused, with ₹10.40 lakh later returned to establish trust. The remaining ₹9.29 lakh was allegedly invested in cryptocurrency, purportedly generating ongoing returns.

Fabricated Investment Data and Escalation

The suspects provided fake cryptocurrency investment data via a mobile app, showing profits exceeding ₹100 crore. Over time, the victim transferred a total of ₹1.23 crore into accounts provided by the accused, believing in the legitimacy of the scheme.

Discovery of the Scam and Threats

After consulting a software engineer, the victim discovered the investment platform and its profits were entirely fictitious. Confronting one suspect, he allegedly received threats linking the accused to the criminal underworld, warning of potential harm if he pursued the matter.

Police Report and Investigation

The complainant filed a police report, prompting an investigation into financial transactions, digital footprints, and potential involvement of additional parties. Authorities are examining fund flows and whether similar methods were used against other victims.

Cybercrime Expert Insights

Cybercrime experts highlight that such scams often start with small transactions to establish credibility. Returning partial funds can mislead victims into trusting the scheme, after which larger sums are solicited. Displaying inflated profits on fake applications is a common tactic to pressure victims into further investments.

Advice for Investors

Authorities advise investors to independently verify the legitimacy of platforms, companies, and financial accounts before transferring funds. Victims are urged to contact banks and the 1930 cybercrime helpline promptly upon detecting suspicious activity.

Ongoing Legal and Cybersecurity Measures

The suspects reportedly continued to demand additional payments under false pretenses, such as taxes, processing fees, or technical hurdles. Law enforcement is examining the flow of funds, potential involvement of other accounts, and whether similar methods were used against other victims. Cybercrime experts emphasize the importance of immediate reporting to prevent funds from being laundered through multiple accounts.