Nagpur MBA student loses Rs 23 lakh to cryptocurrency investment fraud

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A 28-year-old man pursuing MBA course from a college in Maharashtra's Nagpur city has allegedly been duped of Rs 23 lakh after being promised lucrative returns in cryptocurrency investments, police said, reported news agency PTI.

A fraudster, posing as an investment advisor, approached the Nagpur MBA student via Telegram messaging platform on November 17, 2023, an official from Wathoda police station said on Tuesday, reported PTI.

The person lured the Nagpur MBA student, hailing from Hooghly in West Bengal, to invest in a cryptocurrency scheme while promising him good returns.

The Nagpur MBA student initially deposited Rs 1,000 into a bank account specified by the person and received Rs 1,400 in return, thereby reinforcing his belief in the scheme, the official said, reported PTI.

Later, over a period of time, the student ended up depositing a total of Rs 23 lakh into the account, hoping to get profits as promised.

However, he neither received the promised returns nor was he able to retrieve the invested amount, the official said, reported PTI.

Based on the student's complaint, the Wathoda police on Tuesday registered a case under relevant provisions of the Indian Penal Code and the Information Technology Act and were conducting a probe into it, he added.

In another case, six persons were arrested for allegedly duping women in Nagpur, a Crime Branch official said on Monday, reported PTI.

The official identified the arrested accused as Harish Dabi (27), Arun Arjun Parmar (19), Parot Jeetu Parmar (20), Rathani Sitaram Solanki (40), Pooja Naresh Solanki (22), and Gopi Jiva Solanki (50), all residents of Raghuvir Nagar in Delhi, reported PTI.

"Three persons are on the run. This gang has been active in the city for the past four days. They had taken a room in Ajni and would dupe women, particularly those commuting in cars using a bag containing some money and pieces of paper," he said, reported PTI.

They were held after CCTV footage was checked of areas where women complained about the gang, the official added.

"They confessed to carrying out crimes in Panchpaoli, Koradi, Old Kamthi, Dhantoli, and Nandanvan police station areas. We have seized items totalling Rs 3.67 lakh, including 50 grams of gold," he said, reported PTI.

(With inputs from PTI)