A 59-year-old businessman from Maharashtra’s Navi Mumbai town was allegedly cheated of Rs 60.23 lakh after he was lured into investing in forex and cryptocurrency trading to earn lucrative returns, police said on Tuesday.
The police have registered a case against five people in this regard.
Navi Mumbai cyber cell senior police officer Gajanan Kadam said the accused contacted the victim, a resident of Kalamboli area who runs a logistics business, last month and tricked him into investing in forex and cryptocurrency trading, and promises high returns.
The victim subsequently invested Rs 64,70,024 through various links provided by the accused.
When the businessman sought a return on his investment, the defendant initially gave evasive answers. After continuous follow-up by the victim, the accused returned only Rs 4,46,878 to him and there was no response thereafter, the official said.
Based on complaints from victims, the cyber police on Monday registered a case against five people under Sections 419 (cheating by impersonation) and 420 (cheating) of the Indian Penal Code, the official said.
He said people unfamiliar with complex financial instruments such as forex and cryptocurrencies are advised to exercise caution and thoroughly research any investment platform or individual before committing money.
Generous guarantees of high returns should raise suspicion, the official said, adding that people should seek advice from qualified professionals before making investment decisions and avoid investing through unreliable links or unfamiliar websites.
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