- A Mumbai manager lost about $38,400 in a cryptocurrency scam after meeting a woman on a matrimonial site.
- The fraud began in April 2025, with the victim convinced to invest through a fake company and app.
- The victim lost access to his account in May when he tried to withdraw his funds.
- Police registered a case under the IT Act and several sections of the Bharatiya Nyaya Sanhita.
- A separate case in Mumbai involved a 44-year-old who lost $48,000 in a similar online investment scam.
A 29-year-old manager working in Mumbai lost around $38,400 in a cryptocurrency scam after connecting with someone on a matrimonial website. The incident began in April 2025 when the victim met a woman who introduced herself as Mahi Agarwal.
According to reports, Agarwal told the manager she was a cryptocurrency investor working for Boost Base, a Malaysian firm, and earned a high salary. She persuaded him to invest in crypto assets through her company. Following her instructions, the victim created an account on the crypto exchange KuCoin and downloaded the Boost Base app.
Between April and May, the man moved close to $39,600 into the app, thinking his funds would grow. On May 18, when he attempted to withdraw his money from the account, he discovered he was locked out and unable to access the funds. Realizing that he had been scammed, he sought help from the Cyber Crime Police (West Division).
Police registered the case under Section 66(D) of the Information Technology (IT) Act, which addresses identity theft and fraud, along with several sections of the Bharatiya Nyaya Sanhita (BNS). These laws cover digital deception and cheating. No official statement from law enforcement has been released at this time.
The fraudulent activity began on the matrimonial site but quickly shifted to discussions about investments. The scammer provided details meant to align with the victim’s background, building trust before proposing the cryptocurrency opportunity through the fake Boost Base app.
A related cyber fraud incident was also reported in Mumbai. In a separate case, a 44-year-old man from Chandivali lost approximately $48,000 over 19 days. He was approached by a woman claiming to be a fashion designer on Facebook, who then offered stock market tips. Another person later guided him through similar fraudulent investment schemes via Telegram. Police are investigating this second scam.
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