Thane Man Arrested for Cryptocurrency Scam in Maharashtra

A 34-year-old man from Maharashtra's Thane district has been apprehended on charges of cheating an individual out of Rs 1.03 crore via a fraudulent cryptocurrency investment scheme, a police official reported on Thursday.

The perpetrator, residing in Mumbai's Jarimari area, enticed the victim from Panvel, Navi Mumbai, with a Facebook post promising lucrative cryptocurrency returns, stated Dipali Patil, inspector with the Panvel cyber cell.

After the victim expressed interest, communication ensued over WhatsApp, with the suspect using a fabricated identity and doctored images to build trust, the official noted.

The victim eventually paid Rs 1.03 crore to the accused but saw no returns.

Following the victim's complaint, authorities arrested the suspect on Wednesday in Mumbra, Thane, also seizing his mobile phone.

The individual faces charges under section 318(4) (cheating) of the Bharatiya Nyaya Sanhita and the Information Technology Act, according to Patil.

Patil advised the public to be wary of online investment schemes, especially those advertised on social media.

(With inputs from agencies.)