Navi Mumbai man loses over Rs 10 lakh in crypto scam

A 37-year-old Navi Mumbai man fell prey to a cryptocurrency fraud and lost more than Rs 10 lakh. According to a PTI report, fraudsters contacted the man by phone and the Telegram app between February 9 and February 11. The scammers persuaded him to invest in cryptocurrencies like bitcoin and other digital assets by promising high profits.

Believing the scammers` promises, the Navi Mumbai man transferred Rs 10.61 lakh into numerous accounts as advised.

However, despite his investment, the man did not receive the promised rewards. After several unsuccessful attempts to contact the accused, he decided to approach the police and make a complaint, the PTI report further stated.

Per the report, on Thursday, the Uran police filed a case of cheating against the fraudsters under the Indian Penal Code and the Information Technology Act. The inquiry into this problem is ongoing.

A 48-year-old man from Navi Mumbai allegedly lost Rs 1.36 crore to online scammers who tricked him into investing in stock trading, as reported by news agency PTI on March 17.

A case against two individuals and an organisation called Angel One has been filed at the cyber police station under section 420 (cheating) and other pertinent laws of the Indian Penal Code and Information Technology Act. This is in response to a complaint, an official told PTI.

According to senior inspector Gajanan Kadam`s statement to PTI, although an investigation has been started, no one has been taken into custody yet. The authorities claimed that the share trading scam took place from January 20 to March 13.

The accused contacted the Navi Mumbai man, a Jui Nagar resident, over WhatsApp, providing him with information on share trading and assuring him of big returns on his money, according to PTI.

According to the official, the complainant was asked to deposit Rs 1.36 crore to several bank accounts to engage in the stock market.

However, when the complainant did not receive any money from the accused, he understood he had been duped into share trading fraud and contacted the police, he added.

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