The Navi Mumbai Cyber Police have dismantled a multi-crore investment scam amounting to ₹471 crore. Two individuals have been arrested in connection with the fraud that targeted thousands of investors across the country through promises of high returns via cryptocurrency and online trading platforms.
The accused allegedly operated an elaborate scheme that misled victims into depositing money into fake investment apps and websites, all while maintaining an illusion of legitimacy through professional marketing, payment gateways, and impersonation of reputed financial firms.
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Well-Planned Deception Targeted Retail Investors
According to police officials, the suspects created multiple shell companies and online portals to lure unsuspecting investors with promises of lucrative returns on cryptocurrency and forex investments. The cyber police acted following several complaints filed by victims who lost substantial amounts of money after their withdrawal requests were denied.
A case has been registered under relevant sections of the Indian Penal Code, Information Technology Act, and Prevention of Money Laundering Act. Authorities said that the investigation is still underway and more arrests are expected in the coming days as links to offshore accounts and international fraud rings are being explored.
Digital evidence, including laptops, smartphones, servers, and financial records, has been seized and is under forensic examination. The arrested individuals were remanded to police custody for further interrogation.
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Law Enforcement Issues Public Advisory
Following the bust, Navi Mumbai Cyber Police issued a public advisory warning investors to avoid unregulated digital investment platforms. Officials stressed the importance of verifying the legitimacy of any financial entity, especially those dealing in crypto assets, before transferring funds.
This case adds to the growing list of tech-driven investment frauds reported in India over the last two years. As digital penetration increases, so do the risks associated with online financial dealings, especially among less-informed retail investors.
Authorities reiterated their commitment to strengthening cyber surveillance and urged the public to report suspicious investment schemes promptly.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.