Navi Mumbai Cyber Police Freeze ₹32.66 Crore in Cryptocurrency Fraud Investigation

Navi Mumbai: In a major move against digital financial fraud, the Navi Mumbai Cyber Police have frozen multiple bank accounts linked to a cryptocurrency scam, involving a staggering ₹32.66 crore, officials said on Wednesday.

The investigation began in August, when police received a complaint from a man who alleged that he had invested more than ₹6.6 crore in cryptocurrency trading, only to be deceived by fraudsters.

“We received a complaint from a victim who claimed to have invested a large sum in cryptocurrency and was cheated. Following our investigation, several bank accounts holding ₹32.66 crore were frozen,” said Senior Police Inspector Gajanan Kadam of the Navi Mumbai cyber police station.

The Human Cost of Digital Fraud

For the complainant, the financial loss is more than just numbers on a statement — it represents years of hard work and savings, entrusted to the promise of high returns in the digital investment world. Cases like this underline how vulnerable investors, especially first-time crypto traders, can be to scams.

With the increasing popularity of cryptocurrencies, many people are drawn by the allure of quick profits, often without fully understanding the risks or the legitimacy of platforms. Fraudsters exploit this, leaving victims financially and emotionally shaken.

A Step Towards Justice

Freezing the accounts is a crucial step in ensuring that the money does not disappear and can potentially be recovered. The cyber police are continuing their probe to identify the fraudsters and bring them to justice.

Authorities also emphasized the importance of awareness and caution in the fast-growing crypto market. Investors are urged to verify platforms, avoid sharing sensitive information, and report suspicious transactions immediately.

“Digital investments are attractive, but it is essential to remain cautious and informed. Victims should report fraud as soon as possible to prevent further losses,” Inspector Kadam added.

This case serves as a stark reminder that while technology can open new avenues for wealth creation, vigilance and due diligence remain the best protection against online scams.