Mumbai Cyber Fraud: 65-Year-Old Nagpur Businessman Duped Of ₹26 Lakh In Cryptocurrency Investment Scam, Case Registered
A 65-year-old Nagpur businessman allegedly lost Rs 26 lakh in a cryptocurrency investment fraud after being introduced to the scheme by a childhood school friend during a train journey. He transferred the money through multiple UPI and bank transactions and approached Mumbai Cyber Police after being asked to pay an additional Rs 4 lakh for the promised payout.
Mumbai Cyber Police registered a case after a Nagpur businessman allegedly lost ₹26 lakh in a cryptocurrency investment fraud linked to a train acquaintance | AI Generated Representational Image
Mumbai, August 7, 2026: A 65-year-old man has fallen prey to a cryptocurrency investment fraud. This year, the city police have registered 12 cases of cryptocurrency-related fraud, out of which only two cases have been detected.
According to the police, the complainant is a businessman from Nagpur. While travelling by train from Hyderabad to Nagpur recently, a childhood school friend, introducing himself to the victim, recognised him and initiated a conversation.
How The Fraud Unfolded
During the journey, the duo conversed about many things, during which the friend told the victim about cryptocurrency trading. His friend sent the victim a web link and asked him to register on it. He also gave the mobile number of his associate, who could guide him further.
A few days later, the victim received a phone call from the said associate, who also informed him about cryptocurrency investment and guaranteed to double his investment amount through cryptocurrency trading.
Trusting the person, the victim transferred more than Rs 26 lakh online through the provided UPI IDs and bank accounts from his own bank account in several transactions.
Later, the victim received another phone call from the scammer, who told him that he would soon receive the payout, but he would have to pay Rs 4 lakh. At this point, the victim became certain that he was being defrauded. He then visited the cyber police station and got an offence registered earlier this month.
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Police Register Case
A case has been registered under Sections 318 (cheating), 319 (cheating by personation), 336 (forgery), and 338 (forgery of valuable security, will, etc.) of the Bharatiya Nyaya Sanhita, along with Sections 66C (identity theft) and 66D (cheating by personation using a computer resource) of the Information Technology Act.
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