Navi Mumbai: Bitcoin trading company directors accused of Rs 39 lakh fraud; booked

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Two directors of Navi Mumbai Bitcoin trading company are facing allegations of defrauding investors to the tune of Rs 39 lakhs. The Navi Mumbai police have taken swift action, registering an offence against the accused individuals, Uday Thakur and Bharat Mhatre, reported PTI.

The charges levied against them include section 420 (cheating) of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors (In Financial Establishments) (MPID) Act.

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According to authorities, the fraudulent activities transpired over a six-month period, commencing in January and concluding in June 2022. During this time frame, the accused reportedly enticed investors with enticing promises of substantial returns on their investments. In total, a staggering Rs 39 lakhs was collected from unsuspecting victims.

However, as time progressed, it became apparent that the promised returns were nothing more than empty words. The investors' hard-earned money remained unreturned, and the interest owed to them was never disbursed. When confronted by the aggrieved investors, the accused individuals responded with evasive and unconvincing explanations, further fueling suspicions of deceit, the report further stated.

The Navi Mumbai police have initiated an investigation into the matter.

Meanwhile, in another fraud case, a 37-year-old woman from Mumbai was defrauded of Rs 1.37 lakh by a cyber fraudster in the guise of her helping her pay her electricity bill online. The incident came to light when the woman, who lives with her elderly mother, in Andheri, approached Versova police station with a complaint after losing Rs 1.37 lakh.

Her mother had received a message on her mobile phone on Friday evening saying that their power connection would be cut off at 9.30 pm if they did not clear the bill. The sexagenarian then received a call from a fraudster posing as an official. He got information from her, got on a video call and in the guise of helping her pay bills, he made unauthorized transactions and siphoned off the money.

In another case, a 36-year-old man from Maharashtra's Thane district was cheated of more than Rs 77 lakh by a person after being assured of good returns by getting into bitcoin trading. The Kalwa police on Sunday registered a case against the unidentified accused under Indian Penal Code section 420 (cheating), an official from Kalwa police station told PTI.

With PTI inputs