Navi Mumbai Man Lodges Police Complaint After Losing ₹72.7 Lakh In Crypto Fraud

A 56-year-old loan consultant from Belapur in Navi Mumbai lost ₹72.7 lakh to a cryptocurrency investment scam after being lured by fraudsters promising high returns on USDT (Tether) trading, police said on Monday, January 12, 2026. The victim deposited the money into specified accounts through various fraudulent websites over an 18-month period from May 2024 to December 2025.

According to the police, the accused initially built trust by showcasing fake profits and assuring the victim of lucrative gains in the volatile cryptocurrency market. Encouraged by the apparent success, the consultant transferred large sums repeatedly. The fraud came to light only after the perpetrators abruptly blocked him from accessing the investment platforms and cut off all communication, prompting him to approach the authorities.

A case was registered on Sunday at the local police station against five unidentified individuals and three associated web platforms under relevant sections of the Bharatiya Nyaya Sanhita—including 318(4) (cheating), 319(2) (cheating by personation), and 3(5) (common intention)—along with provisions of the Information Technology Act. An official from the Navi Mumbai police confirmed that a detailed investigation has been launched to trace the accused, track the money trail, and identify the fraudulent platforms involved.

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This incident is the latest in a series of cryptocurrency-related frauds reported from the Mumbai metropolitan region, where scammers frequently exploit the promise of quick and high returns to target professionals and middle-aged individuals. Similar cases in recent months have seen victims lose amounts ranging from ₹50 lakh to over ₹1 crore through fake trading apps and manipulated dashboards that display fabricated profits.

Police have urged residents to exercise extreme caution with unsolicited investment offers, especially in cryptocurrencies, and to verify platforms through official channels before transferring funds. Authorities reminded the public that legitimate crypto investments do not guarantee high returns and that any scheme promising assured profits is almost certainly fraudulent. The case highlights the growing need for awareness and stricter regulation in the digital investment space as such scams continue to rise across the country.

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