A Mumbai woman’s five-year-long investment in a cryptocurrency scheme ended in heartbreak and financial ruin after the man she trusted allegedly defrauded her of nearly ₹79 lakh. With no returns and no refund in sight, the case sheds light on the growing concerns around digital investment fraud in India.
A Trust Betrayed: Woman Invests in Hopes of High Returns
The Kharghar Police in Navi Mumbai have registered a First Information Report (FIR) against a man identified as Zuber Shamshad Khan, who allegedly convinced a Goregaon-based woman to invest in a cryptocurrency scheme under the guise of promising high returns. The woman, whose identity has not been disclosed for privacy reasons, was lured into making repeated investments between October 2020 and March 2025, totaling a staggering ₹78,82,684.
According to officials, the scheme was presented as a lucrative digital investment opportunity that would yield exponential profits within a short time. Over a span of five years, the victim made multiple transactions, driven by the trust she placed in Khan and the ever-growing popularity of cryptocurrency in India.
From Promise to Refusal: When the Truth Unraveled
The fraud unraveled when the woman, expecting a return on her investment, attempted to withdraw her capital. To her shock, Zuber Khan flatly refused to return the money, police said. Realizing she had been misled, the woman approached the authorities. The Kharghar police confirmed that she had made consistent payments in good faith, only to be denied access to her own funds when she asked for a refund.
The case is a stark reminder of how crypto scams continue to exploit the lack of investor awareness and the still-evolving legal framework surrounding digital assets in India. “These types of cases are becoming increasingly common,” noted a senior police official, “particularly because many fraudsters prey on the hype and opacity surrounding cryptocurrencies.”
Legal Response and the Road Ahead
An FIR was formally lodged on May 15, invoking Section 318(4) of the Bharatiya Nyay Sanhita (Cheating), along with relevant provisions of the Information Technology Act. Despite the serious financial loss and the detailed complaint, no arrest has been made so far, raising concerns about the pace of action in such white-collar crime cases.
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As authorities continue their investigation, experts say this case highlights the urgent need for regulatory mechanisms, investor education, and swift judicial processes to tackle crypto-related frauds. In the absence of a centralized crypto regulatory body, many such scams are likely to go unnoticed or unpunished.