A 23-year-old management graduate was arrested by Charkop police on May 27, for duping investors of Rs 1.5 crore after offering to invest in cryptocurrency, reports from Times of India stated.
As per the report, the accused, Jagdish Ladi, has been trading online since 2020 and has a BBA degree.
Seven people have already come forward with complaints, and investigators believe several more have been duped so far.
Ladi would ask people to make investments in cryptocurrency in his own name and deposit money into his account.
He would initially offer returns in small amounts, however they stopped coming later.
A victim of the scam, who lost Rs 1.65 lakhs of his savings said that Ladi assured him that he could return the investment amount in entirety if things didn’t pan out as he held a portfolio of Rs 3 crore.
