Cryptocurrency Scam: Navi Mumbai Contractor Loses Rs 52 Lakh

A contractor in Navi Mumbai was swindled out of over Rs 52 lakh after being deceived into investing in cryptocurrency. Fraudsters lured him via a fake trading platform. The victim lost access to his funds when he tried to withdraw them. The police are investigating the case.

A 60-year-old contractor from Navi Mumbai has fallen victim to a cryptocurrency scam, losing over Rs 52 lakh, according to police reports on Thursday.

The fraudsters contacted the contractor, residing in Vashi, Navi Mumbai, via phone and convinced him of lucrative cryptocurrency returns through a bogus trading website. The victim transferred funds into several accounts over four months, informed an official from Cyber Police Station in Navi Mumbai.

When the contractor attempted to withdraw his investment, he was blocked from accessing the website. Following a complaint, police have filed a case against four individuals involved, stating the site wasn't registered with any regulatory authority. Authorities caution the public against high-return investment schemes through unverified platforms.

(With inputs from agencies.)