Man loses Rs 47.47 lakh in cryptocurrency fraud in Thane district

Thane: A 38-year-old man from Maharashtra's Thane district was allegedly duped of Rs 47.47 lakh by fraudsters who lured him to invest in cryptocurrency, police said on Monday.

Unidentified persons contacted the complainant, a resident of Dombivli town, through WhatsApp and phone calls between February 22 and March 17, promising him high returns on investing in cryptocurrency, an official said.

He said the accused convinced the man to deposit money in different bank accounts through online transactions.

The complainant, however, did not receive returns on his investment and could not get his money back, the official said.

Police on Saturday registered a first information report (FIR) under relevant sections of the Information Technology (IT) Act and have identified a company linked to the fraud.

The official said the police are tracing bank transactions, mobile numbers, and WhatsApp accounts used by the accused.

"We are working on gathering leads and verifying digital footprints to track down the culprits," he said.

The Thane police have urged citizens to be cautious about online investment schemes and verify the legitimacy of digital trading platforms before making financial transactions.