The Andheri police laid a trap and arrested two men accused of cheating a stock-market professional of Rs 19.78 lakh on the promise of supplying USDT cryptocurrency at a cheaper-than-market rate. The two accused, Sanjay alias Manoj Tejraj Jain, 53, and Nilesh Damodar Kathpal, 41, were traced on August 27 to a chai tapri and formally arrested the next day, police said.
Attractive offer
Pankaj Ghanshyam Jagasia, 42, a Chembur resident working in stock-market-related business, was looking to buy USDT cryptocurrency when he was approached with an attractive offer. Police said Jain gained his confidence by claiming that cryptocurrency could be arranged from Dubai at a rate lower than the prevailing market price. Kathpal was subsequently brought into the proposed transaction.
The spot at Mira Road railway station where the trap was laid
July 2025 deal
The alleged deal began in July 2025. Police said initial contact regarding the purchase of USDT was made on July 5, followed by a meeting at a cafe in JB Nagar, Andheri East, on July 9. By July 12, around Rs 20 lakh had allegedly been arranged, and the proposed cash-and-Angadia route was discussed. On July 14, 2025, Jagasia allegedly handed over Rs 19.78 lakh in cash through RK Enterprises, an Angadia establishment in Teli Galli, Andheri East. The promised cryptocurrency was never delivered, and the money was not returned, police said.
Links established
Police said Kathpal was in direct communication with the complainant and was linked to the cash-collection transaction through CCTV and witness material. Jain allegedly introduced the cryptocurrency arrangement and facilitated the transaction. Kathpal has nine previous cases registered against him across Mumbai and Nashik, while Jain has eight previous cases, police said. The police are now investigating the complete Rs 19.78 lakh money trail, the alleged cryptocurrency transactions, and the possible involvement of other associates or intermediaries.
The investigation
“When analysed together, the clues revealed a pattern of movement, communication and association,” Surve said. Police also examined the original Angadia receipt, token-note details, transaction documents and witness statements. CCTV footage relating to the cash collection was cross-checked with the technical evidence. The footage showed a person receiving the cash who identified himself as Nilesh Kathpal.
Continued assurances
The complainant allegedly continued receiving assurances regarding the cryptocurrency or the return of his money on July 18 and July 28, 2025. He eventually approached the police on February 13, 2026.
Following digital trail
“The investigation appeared to be a maze of cryptocurrency transactions, mobile numbers, and changing digital identities. We followed the technical trail,” PSI Rohan Surve said.
The Mira Road trap
The technical analysis then led the police team to a “most-caller”. Police contacted him under the pretext of requiring assistance regarding a loan transaction. “Information obtained was verified against technical evidence, helping us establish connections,” Surve said. Once identities and movements of the suspects were corroborated, the police planned a coordinated trap at a tea stall in Mira Road and called the suspects to the location without revealing that investigators were closing in on them.
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