Navi Mumbai: According to an official statement released on Wednesday, the Navi Mumbai cyber police have taken action in the continuing investigation of a cryptocurrency fraud case by freezing many bank accounts. These accounts collectively hold a significant amount of ₹32.66 crore.
The Fraudulent Deception
The probe can be traced back to August, when an individual lodged a complaint with the Navi Mumbai cyber police, expressing their worry. The individual who lodged the complaint claimed to have made a significant investment of ₹ 6.6 crore in bitcoin trading and asserted that they had been a victim of a fraudulent scheme.
Based on the complaint, the victim was enticed into engaging in cryptocurrency trading using a deceitful online platform by an individual who first established a cordial relationship. The individual in question, subsequently identified as a female, made assurances of significant returns on investments in Bitcoin.
A Deceptive Promise Unravels
The individual who filed the complaint, initially displaying enthusiasm towards the potential of cryptocurrency trading, proceeded to invest significant sums into the aforementioned fraud. Initially, he obtained a cumulative amount of 75 lakh rupees through multiple transactions, which subsequently bolstered his confidence in the enterprise.
Nevertheless, the anticipated returns gradually diminished, ultimately resulting in the cessation of any further returns on the victim’s assets. Motivated by apprehension and a sense of being deceived, the aggrieved party opted to pursue legal recourse against the perpetrators of the cryptocurrency scam.
A case was officially registered by the cyber police in response to the complaint made by the victim, citing many provisions of the Indian Penal Code and the Information Technology Act. In their quest for justice, a committed police investigative team conscientiously tracked the movement of funds across several financial institutions.
During the preceding weeks, the team efficiently implemented measures to freeze bank accounts associated with a substantial amount of ₹32,66,12,091, thereby thwarting the suspected fraudsters from continuing to abuse these monies.
Arrests Made in Ghatkopar
The investigators’ diligent inquiries took them to Ghatkopar, an adjacent locality inside the city of Mumbai. During the last week of September, law enforcement authorities focused their attention on two individuals who were believed to be significant participants in a fraudulent Bitcoin operation.
The individuals that were seized have been identified as Balu Sakharam Khandagale, aged 42, and Rajendra Ramkhilavan Patel, aged 52. During the interrogation, it became evident that these individuals had disclosed mobile numbers, bank account information, cheque-books, and ATM cards belonging to many individuals to other participants engaged in the fraudulent enterprise.
Continuing the Pursuit of Justice
Although two notable arrests have been executed, law enforcement authorities are displaying unwavering determination in their pursuit to catch all persons implicated in the cryptocurrency fraud scam. The ongoing investigation persists in uncovering potential leads, and law enforcement agencies maintain their unwavering dedication to ensuring accountability for all individuals involved.
The Navi Mumbai cyber police, in conjunction with multiple banks, have implemented proactive measures to freeze considerable financial assets and effectuate notable apprehensions. The commitment exhibited by these individuals in enforcing legal regulations and holding accountable those individuals responsible for their actions serves as a powerful deterrent to others engaging in fraudulent activities inside the realm of Bitcoin.
It is strongly advised that investors and the general public practice prudence and thorough research when presented with alluring investment prospects, particularly inside the unpredictable realm of cryptocurrencies.
About The Author:
Yogesh Naager is a content marketer who specializes in the cybersecurity and B2B space. Besides writing for the News4Hackers blog, he’s also written for brands including CollegeDunia, Utsav Fashion, and NASSCOM. Naager entered the field of content in an unusual way. He began his career as an insurance sales executive, where he developed an interest in simplifying difficult concepts. He also combines this interest with a love of narrative, which makes him a good writer in the cybersecurity field. In the bottom line, he frequently writes for Craw Security.