A 44-year-old manager employed with a private company in Pune's Talegaon MIDC area has been defrauded of a staggering Rs 70.7 lakh in a sophisticated cryptocurrency investment scam that spanned from June 2024 to March 2025. The victim, lured by promises of extraordinary returns, filed an online complaint which led to the registration of a formal case at the Kalewadi police station on Wednesday after preliminary investigations.
The Deceptive Beginning: A Promise of 100 Cryptocurrencies
According to an officer from the Kalewadi police, the elaborate fraud began in June 2024. The victim was added to a group on a popular mobile messaging application that purported to be for cryptocurrency investors. Within this group, the cybercriminals presented a highly enticing offer. "The crooks assured 100 cryptocurrencies in return if he invested through them," the officer stated. Believing the offer to be legitimate, the manager accepted and proceeded to register himself on a trading website provided by the fraudsters.
The Slow Build and the Massive Loss
The scam was designed to build trust gradually. Initially, the manager made small, meager investments. To his apparent satisfaction, these initial trades yielded some profit, making the scheme seem credible. Emboldened by this early success, he continued to engage with the fraudsters. The criminals then began introducing a series of different offers and investment schemes, each presented as a new opportunity for greater wealth.
The victim kept investing more money, convinced by the apparent growth shown on the platform. Over the months, he transferred a total of Rs 70.7 lakh to various bank accounts provided by the scammers. The app managing his supposed investments displayed an astonishing figure, showing that his portfolio had grown to cryptocurrency worth Rs 3.4 crore.
The Vanishing Act and Realisation of Fraud
The manager's dream of wealth shattered when he attempted to withdraw his massive 'profits'. "When he tried to withdraw his money, the crooks started asking for more money under the pretext of taxation," the police officer explained. This demand for additional funds raised the victim's suspicions. The final confirmation of the fraud came when the criminals abruptly deleted the trading website and completely stopped responding to his calls and messages. Left with no access to his funds or the perpetrators, the victim realized he had been systematically duped.
The Kalewadi police are now actively investigating the case, tracing the digital footprints and the bank accounts used in this elaborate cyber fraud. This incident serves as a stark warning for individuals exploring high-return online investment opportunities, especially in the volatile and often unregulated realm of cryptocurrency.
