Indore: Lure of crypto profits leads to loss of Rs 62 lakh 

Indore: Lure of crypto profits leads to loss of Rs 62 lakh 

Man arrested for duping people on pretext of investment in crypto market and not returning money

Staff ReporterUpdated: Sunday, March 26, 2023, 11:28 PM IST
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Indore (Madhya Pradesh): A man and his relatives fell prey to the assertations of the accused who informed them that he can provide 50 per cent profit in less time by investing their money in the crypto market and lost Rs 62 lakh. 

City crime branch has arrested the accused for duping many people on the pretext of investing their money in the crypto market.

The accused had taken Rs 62 lakh from the complainant and his relatives and refused to return the money to them let alone give them any profit. Further investigation is underway into the case and the police are trying to know about other victims as well.

According to the police, a person had lodged a complaint with the senior officers that he and his relatives were contacted by the accused named Akash Bhavel, a resident of the Dwarkapuri area a few days ago.

The accused had informed that he can provide 50 per cent profit in less time by investing their money in the crypto market. He talked to the complainants on behalf of a company named AK Enterprises and took Rs 62.18 lakh from the complainant and his relatives ostensibly for investing their money.

When the complainant contacted and asked him to give the profit, the accused allegedly refused to do so and threatened him and his relatives. He also refused to give them the principal amount that they had given.      

During the investigation, the crime branch officers found that AK Enterprises was not registered with the SEBI and is a fake firm. After that, the police crime branch arrested the accused.  

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