Nashik Businessman Duped of Lakhs in Fake Cryptocurrency Trading Scam
A 32-year-old businessman from Nashik lost lakhs of rupees after being duped by scammers operating a fraudulent cryptocurrency trading platform. The cyber fraud, which involved social media entrapment and fake promises of high returns, has prompted an investigation by the cyber crime cell.
According to the police, the scam originated on Instagram, where the victim connected with an account operating under the name of a woman. The communication subsequently moved to WhatsApp, where the suspect introduced the victim to a website presented as a highly lucrative platform for cryptocurrency trading.
To build credibility, the fraudsters conducted a three-day training session and instructed the businessman to create a profile using his email address. The victim was then directed to upload identity documents, including his Aadhaar card and PAN card, to complete a fake verification procedure.
The financial exploitation began in mid-November when the victim made initial transfers of Rs 20,000 to designated bank accounts and UPI IDs. To simulate genuine market activity, the platform displayed digital USD (USDT) credits on the victim's dashboard, showing artificial profits.
Enticed by the apparent gains, the victim was repeatedly persuaded to commit larger sums. Over the following weeks, the victim completed multiple high-value transfers ranging from Rs 20,000 to Rs 81,810, which were routed to several suspicious UPI destinations.
When the businessman attempted to withdraw his accumulated earnings, the operators demanded additional payments. The suspects claimed that an upfront fee and tax amounting to 30 percent of the total earnings was required before any funds could be released.
The fraud came to light after the suspects severed all communication when the victim refused to deposit additional money. Realising the scheme was fraudulent, the victim approached the cyber crime cell. Authorities have registered a case under relevant legal provisions and are tracking the linked bank accounts and mobile numbers.
