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, reported news agency PTI.
The victim, a resident of Belapur, was lured by some persons into a fraudulent scheme promising high returns on USDT (Tether) investments.
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, reported PTI.
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, reported PTI.
HR manager loses Rs 36 lakh to online cheats with promise of share trade profits
In another case, an HR manager was cheated of Rs 36.74 lakh in an online investment fraud, a Navi Mumbai police official said on Sunday, reported PTI.
The victim was contacted by a woman claiming she represented a SEBI-registered firm and was added to a Whatsapp group with the promise of high returns in share trading, the Nerul police station official said.
"He downloaded a link given to him by the accused. After an initial profit of Rs 50,000, he made investments totalling Rs 36.74 lakh between August and September 2025. However, when he was unable to withdraw his so-called profits, the HR manager realised he had been duped," Nerul police station inspector Bramhanand Naikwadi said, reported PTI.
A case has been registered against unidentified persons for criminal breach of trust and other offences under Bharatiya Nyaya Sanhita and Information Technology Act, he added.
Banker cheated of Rs 19.86 lakh by man claiming to be construction firm employee
Meanwhile, a bank manager in Bhayander in Thane district was cheated of Rs 19.86 lakh by a fraudster posing as a high-profile client, a police official said on Saturday, reported PTI.
On January 2, the bank manager received a call from a man who identified himself as Naresh Rajput of one Vinayak Builders and said he was interested in placing a Rs 2 crore fixed deposit and sought assistance with an RTGS transfer, the Bhayander police station official informed.
"He even sent a fake mail that displayed the letterhead of the construction firm, following which the victim processed an RTGS of Rs 19.86 lakh. The fraud was revealed when the real Naresh Rajput came to the branch seeking details of this transaction. The victim even made the person talk to the accused, who abruptly cut the call," the official said, reported PTI.
An unidentified person has been booked under Bharatiya Nyaya Sanhita for cheating by personation and other offences, Bhayander police station inspector Jitendra Kamble said.
(With inputs from PTI)
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