- The victim was lured with promises of 5% daily profits on cryptocurrency investments over a nine-month period.
- The arrested suspect provided “mule bank accounts” to handlers in Dubai, facilitating the financial fraud.
Pimpri Chinchwad Cybercrime Police have apprehended a suspect from Nashik for his involvement in a cryptocurrency investment scam that defrauded a Ravet resident of nearly Rs 97 lakh ($113,831.73 United States Dollars). The arrest occurred on Saturday following a complaint filed by the 35-year-old victim, who lost the substantial sum between July 2024 and April 2025.
According to Assistant Inspector Pravin Swami, the suspect had previously worked in Dubai and was providing “mule bank accounts” to handlers based there. These accounts were used to receive fraudulent transfers from victims like the complainant, who is reportedly related to a deceased political leader.
Sophisticated Investment Scheme
The investigation revealed that scammers initially contacted the victim through a messaging app in July last year with an enticing offer of 5% daily profits on cryptocurrency investments. “They also told him he would need to pay a certain commission on the profits. To facilitate the payment, they shared a link to a platform,” explained Swami.
Believing he could monitor his investment growth through the provided platform, the victim continued transferring funds as instructed by the fraudsters. Over the nine-month period, he transferred a total of Rs 96.93 lakh to various bank accounts before realizing he had been defrauded.
Investigation Leads to Arrest
The cybercrime unit traced part of the transferred amounts to a bank in Nashik, which led them to the suspect. “We apprehended the suspect in Nashik. After returning from Dubai, he started providing mule bank accounts to his handlers from here on a commission basis,” Swami added.
Police believe the suspect was not operating alone but was part of a larger network with connections to Dubai. The arrested individual allegedly earned commissions by allowing his bank accounts to be used for receiving fraudulent transfers before forwarding the money to other participants in the scheme.
Authorities are continuing their investigation to identify and apprehend other individuals involved in this cryptocurrency fraud operation. The case highlights the increasing sophistication of online investment Scams targeting individuals interested in cryptocurrency markets.
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