Man from Thane Allegedly Defrauds Cryptocurrency Investors of Over 1.6 Crore

A Thane man is accused of scamming seven investors out of Rs 1.61 crore through false promises of significant returns on cryptocurrency. The alleged fraud occurred between December 2023 and June 2025, with the money directed to an associate's bank account. An investigation is ongoing.

A resident of Thane city has been accused of defrauding seven individuals by persuading them to invest in cryptocurrency, promising them substantial returns. The total amount involved in the scam is reported to be Rs 1.61 crore.

The complaint, filed in May, reveals that the alleged fraud took place over an 18-month period from December 2023 to June 2025. Authorities state that the conned investors were instructed to deposit their money into a bank account tied to a woman, whose husband allegedly worked with the accused. Despite assurances, none of the promised returns were delivered, prompting the investors to seek legal recourse, and an ongoing investigation is underway.