• Three persons were arrested for cheating a businessman of Rs 10 lakh in Nagpur by promising high returns on investment in cryptocurrency.
• The accused have been booked for cheating and other offenses under the Indian Penal Code.
• The arrest comes amid a surge in cryptocurrency scam cases in India.

Three Arrested for Cheating Businessman of Rs 10 Lakh

Nagpur police have arrested three persons for allegedly cheating a businessman of Rs 10 lakh by promising high returns on investment in cryptocurrency. The accused, identified as Kiran Bhalerao, Mahesh Kumar Dadwadi, and Sumit Boria, have been booked for cheating and other offenses under the Indian Penal Code.

The victim, Rukesh Waikar, invested Rs 10 lakh in October 2023 upon the promise of high returns by the accused. However, after failing to receive any returns, Waikar filed a complaint with the police.

Police investigations revealed that the accused had lured Waikar into investing in a fraudulent cryptocurrency scheme. They had promised him high returns but had no intention of fulfilling their promises.

The arrest of the three accused comes amid a surge in cryptocurrency scam cases in India. Just earlier this month, the Economic Offences Wing (EOW) of Odisha arrested the Country Head of 'Yes World Crypto Token' for running a Ponzi scheme that affected thousands of people.

Also, a special investigation team in Himalaya Pradesh on this issue involving one lac people. According to the SIT, scammers employed different identities in scamming investors. Following a series of such incidents, the police have warned members of the public and investors to be careful with cryptocurrency. They have advised people to invest only in legitimate platforms and to thoroughly research any investment scheme before investing.