Two Arrested Over ₹6.6 Crore Crypto Scam in Navi Mumbai


The Navi Mumbai Cyber police have arrested two men, Balu Khandagale (42) and Rajendra Patel (52), in relation to a crypto currency trading scam worth 6.62 billion dollars. The accused had provided their mobile numbers, bank account numbers and ATM card numbers to others involved in the crime.

The complainant stated that in August he had been contacted by a woman who had befriended him and asked him to invest in cryptocurrency trading with the promise of good returns. After investing large amounts, he received a total of 75 lakhs in return before the payments stopped.

The police have also recently arrested two men for defrauding an onion trader from Navi Mumbai of Rs 2.07 crore. The trader was convinced to invest in an export business with the promise of attractive returns. The export onions were worth Rs 3.20 Crores and the payment was received via an illegal money-transfer system. Out of the total proceeds, the accused was required to pay back Rs 2.07 crore, but the trader only received 29 lakhs. An FIR was then filed against the accused.

Furthermore, a Bengalurean person lost $12,484 in cryptocurrency and sought to claim insurance. However, the company did not respond positively to his complaint. He then approached the Consumer Disputs Redressal Commission and the Cybercrime unit, and the court ruled that the person was a victim and the trading app was not responsible for the loss.

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