Man Arrested for Rs 90.5 Lakh Cryptocurrency Fraud in Sangli

A case has been filed against Naresh Shankar Joshi from Sangli for allegedly defrauding investors of Rs 90.5 lakh under the guise of cryptocurrency investments. The police have charged him under multiple sections of the Indian Penal Code and the Maharashtra Protection of Interest of Depositors Act, 1999.

A man from Sangli, Maharashtra, named Naresh Shankar Joshi, has been booked for allegedly cheating people of Rs 90.5 lakh by promising high returns on cryptocurrency investments, police revealed on Tuesday.

The Thane district police filed an FIR on Monday under Section 420 (cheating) and other relevant sections of the Indian Penal Code, along with provisions from the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999. The accused and his firm, Pinamic Traders, are facing serious allegations, an official confirmed.

According to the complaint, Joshi attracted 42 investors to invest in cryptocurrency, promising lucrative returns but instead ended up duping them of Rs 90.5 lakh since 2018. Authorities have launched an investigation into the case, the official stated.