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

Navi Mumbai: The Navi Mumbai cyber police have frozen several bank accounts, amounting to ₹32.66 crore, related to a cryptocurrency fraud case, officials confirmed on Wednesday.

The Complaint

In August, police received a complaint from a man who said he invested over ₹6.6 crore in cryptocurrency trading.

The complaint stated that a woman befriended the victim and later convinced him to invest in cryptocurrency, promising high returns.

At first, the complainant received about ₹75 lakh in returns on different occasions, but the payments eventually stopped, leading him to contact the police.

Police Investigation

An offence was filed under several sections of the Indian Penal Code (IPC) and the Information Technology Act.

The cyber police looked into multiple banks where the complainant had sent funds and, as a precaution, froze accounts worth ₹32,66,12,091 in recent weeks.

Following leads, the investigation team identified two suspects from Ghatkopar, Mumbai, by the last week of September.

Arrests and Revelations

The arrested individuals were identified as Balu Sakharam Khandagale (42) and Rajendra Ramkhilavan Patel (52).

During the investigation, it was found that the accused provided mobile numbers, bank account details, cheque books, and ATM cards belonging to other people to other participants involved in the crime.

Ongoing Efforts

Police are continuing their investigation to find and arrest other individuals involved in the fraud.

Official Statement

Senior Police Inspector Gajanan Kadam of the Navi Mumbai cyber police expressed that the quick action to freeze the accounts and track the suspects reflects the police’s commitment to tackling cyber fraud and safeguarding victims from financial crimes.