Maharashtra Cyber Fraud: 32-Year-Old Nashik Businessman Loses Lakhs In Fake Cryptocurrency Trading Platform Scam; Case Registered
A 32-year-old Nashik businessman allegedly lost lakhs after scammers lured him through Instagram to a fake cryptocurrency trading platform. The suspects showed fabricated USDT profits and persuaded him to make repeated payments. When he sought to withdraw his money, they demanded additional fees and taxes before cutting contact.
A Nashik businessman was allegedly duped through a fake cryptocurrency trading platform after scammers promised high returns and displayed artificial profits | AI Generated Representational Image
Mumbai, August 24, 2026: A bogus cryptocurrency trading platform which is being used by scammers to dupe unsuspecting investors has come under the scanner of police.
A 32-year-old businessman had recently fallen prey to cryptocurrency investment fraud and lost lakhs of rupees over a period of one month. The cyber fraud involved a combination of social media entrapment, fake trading platforms, and deceitful profit-sharing promises.
According to the police, the scam began on Instagram, where the Nashik-based victim connected with an individual operating under the handle masked by the name of a woman.
The communication quickly shifted to WhatsApp, where the suspect introduced the victim to a website, claiming it to be a highly lucrative platform for crypto trading.
Fake Trading Platform Used
Under the guidance of the fraudsters, the victim created a trading profile using an email ID. To establish trust, the scammers initially facilitated a three-day training session.
The victim was then asked to upload personal identification documents, including an Aadhaar card and PAN card, to complete a fake verification process.
The financial exploitation began in mid-November, when the victim was directed to transfer initial sums of Rs 20,000 to specific bank accounts and UPI IDs.
To simulate legitimate trading activity, the scammers credited the victim’s dashboard with digital USD (USDT), showcasing artificial profits. Enticed by these visible gains, the victim was repeatedly pressured to invest larger amounts to claim higher returns.
Over the following weeks, the victim executed multiple high-value transfers ranging from Rs 20,000 to Rs 81,810. The funds were routed to various suspicious UPI destinations.
Whenever the victim attempted to withdraw the accumulated profits, the suspects demanded additional "fees" and "taxes," claiming that 30% of the earnings must be paid upfront to release the funds.
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Victim Approaches Cyber Crime Cell
The fraud came to light when the suspects severed communication after the victim refused to pay further amounts. Realising the entire operation was a trap, the victim approached the cyber crime cell.
Authorities have registered a case under relevant sections of the law and are currently tracking the linked bank accounts and mobile numbers.
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