Thane: The police have booked 20 people from Jalna for allegedly running a fake cryptocurrency investment fraud, cheating investors of ₹26.02 lakh in Thane.
The total number of investors and the amount could rise as the probe progresses, said an police officer.
The racket was busted following investigations on the complaint of a 41-year-old mobile repairing technician and his associates, who were defrauded of ₹26.02 lakh. The victims, residing in Azadnagar, Thane, were lured with a promise of extraordinary monthly returns ranging from 12-15%, which would potentially generate approximately $971 (about Rs 82,000) in monthly earnings.
The fraudulent network originated in Jalna, a district a known for previous instances of financial fraud. Investigations revealed that the primary conspirators had deep-rooted connections in Jalna, using the district as their operational base to orchestrate the statewide cryptocurrency scam. The police in Jalna previously registered similar fraud cases against some of these individuals, indicating a pattern of systematic financial deception.
The fraudsters employed a meticulously planned strategy to deceive investors, initiating contact between May 2022 and March 2024. They strategically identified potential investors through personal networks, carefully crafting a narrative around an apparently legitimate virtual cryptocurrency and presenting themselves as financial experts with insider knowledge. Their core investment attraction tactics involved guaranteeing unrealistic monthly returns significantly higher than traditional investment instruments, the official informed.
The scammers encouraged investors to make multiple installments, creating an illusion of a legitimate investment process through gradual trust-building techniques and psychological manipulation.
The systematic deception involved collecting approximately ₹26.02 lakh from investors by using multiple bank accounts and digital payment platforms like Google Pay to disperse and obfuscate fund movements. Twenty individuals were actively involved in promoting and executing the racket, demonstrating a well-coordinated criminal operation.
When investors attempted to recover funds, the fraudsters employed calculated escape strategies. They disconnected contact numbers, created barriers to direct confrontation, and issued threats to discourage legal pursuit. This approach effectively prevented immediate detection and recovery of invested money.
Police investigations revealed that the scam extended beyond a single location, with fraud cases already registered against the same group in Jalna, Thane, and Ichalkaranji.