Navi Mumbai: The Navi Mumbai Cyber Police recently arrested two individuals in connection with a cryptocurrency investment fraud worth multi-crores. Additionally, they successfully froze several bank accounts, containing deposits exceeding ₹32 crore.
The arrested individuals have been identified as Balu Sakharam Khandagale (42) and Rajendra Ramkhilavan Patel (52), both residents of Ghatkopar in Mumbai. These arrests took place last month.
The multi-crore crypto fraud
The case unfolded at the newly established Cyber Police station in Nerul when a complaint was filed by a victim who had fallen prey to a cryptocurrency investment scam. The victim, a woman, incurred a substantial loss of ₹6,62,19,888 after investing in cryptocurrency. She initiated these investments following a call from an unidentified woman who prompted her to transfer funds into multiple bank accounts. Initially, she received returns totalling ₹75 lakh; however, communication ceased afterward.
Under the leadership of Punam Gadge, the first female cybercrime analyst at the Navi Mumbai Police Commissionerate, the Cyber Police made significant progress by freezing the initial bank accounts used for the illicit transactions. A total of ₹32,66,12,091 was successfully blocked across various bank accounts.
Police trace and arrest cyber fraudsters
Through a meticulous analysis of bank account numbers and mobile numbers employed in the fraudulent activities, the police successfully tracked down two suspects residing in the Ghatkopar area. In the early hours of September 29, both suspects were apprehended in the Ghatkopar locality.
During the course of their investigation, it came to light that the arrested individuals had provided mobile numbers, bank account details, cheque books, and ATM cards of various individuals to other co-conspirators involved in the criminal activities. Intriguingly, both arrested individuals were in touch with other accused located outside the state. The police are investigating to unravel further details of this intricate case.
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