Mumbai | January 12, 2026: A major case of online financial fraud has come to light in Navi Mumbai, where a 56-year-old loan consultant was allegedly cheated of ₹72.7 lakh in the name of cryptocurrency investment. The incident highlights the growing sophistication of cyber frauds, increasingly targeting professionals with financial awareness through well-planned digital traps.
According to the police, the victim is a resident of Belapur in Navi Mumbai and works independently as a loan consultant. He was approached by unidentified individuals who promised exceptionally high and secure returns through investments linked to USDT (Tether), a cryptocurrency pegged to the US dollar. The investment was projected as low-risk and internationally accepted, gradually building the victim’s confidence.
Large sums routed through fake investment platforms
Investigations revealed that the accused persuaded the victim to invest through multiple websites and online platforms that appeared professional and credible. These platforms displayed real-time balances, profit charts and projected returns, creating the illusion of a legitimate trading environment.
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Between May 2024 and December 2025, the victim transferred a total of ₹72.7 lakh in several instalments through different bank accounts and digital channels. In the initial phase, the investments appeared stable and showed profits on the dashboard, leaving the victim with little reason to doubt the authenticity of the scheme.
Access blocked, communication abruptly cut
The fraud surfaced when the victim attempted to withdraw his investment. He found that neither the profits nor the principal amount could be accessed. Shortly thereafter, he was completely blocked from the investment dashboards and websites.
All attempts to contact the individuals behind the scheme—through phone calls, messages and emails—failed, as communication was abruptly cut off. Realising that he had been cheated, the victim approached the police and filed a formal complaint.
Case registered against unidentified accused and web platforms
Based on the complaint, the police registered a case against five unidentified persons and three suspicious online platforms. Charges have been invoked under relevant sections of the Bharatiya Nyaya Sanhita, including cheating, cheating by impersonation and common intention, along with provisions of the Information Technology Act.
Investigating agencies are currently examining bank transactions, IP addresses and digital wallet trails to identify those involved and trace the movement of funds to their final destinations.
Evolving nature of cyber fraud
Experts note that cryptocurrency-related frauds are becoming increasingly complex. Fake trading platforms, fabricated investment dashboards and the illusion of international transactions are being used to keep victims engaged for extended periods before the fraud is executed.
Citizens have been advised to thoroughly verify the authenticity of investment platforms, remain cautious of schemes promising guaranteed or unusually high returns, and avoid transferring large sums of money to unfamiliar online entities.
Authorities have reiterated that early reporting of cyber fraud significantly improves the chances of tracking funds and identifying those responsible.
