Maharashtra Cyber Fraud: 32-Year-Old Nashik Businessman Loses Lakhs In Fake Cryptocurrency Trading Platform Scam; Case Registered

Mumbai, August 24, 2026: A 32-year-old Nashik businessman has become a victim of a cryptocurrency investment scam, losing a significant sum of money over a span of one month. According to police, the scam unfolded on Instagram, where the victim connected with a fraudster posing as a woman. The conversation then moved to WhatsApp, where the suspect presented a website allegedly offering lucrative cryptocurrency trading opportunities.

Initial interactions included a three-day training session and the victim was asked to provide personal identification documents—Aadhaar and PAN card—to complete a fake verification process. Starting in mid-November, the scammer directed the victim to transfer funds of Rs 20,000 to specific bank accounts and UPI IDs. The fraudsters artificially inflated the victim's dashboard with digital USD (USDT), creating the illusion of substantial profits.

Encouraged by these gains, the victim was pressured to invest larger amounts. Within weeks, multiple high-value transfers totaling between Rs 20,000 and Rs 81,810 were made to various suspicious UPI destinations. The suspects demanded additional fees and taxes, claiming that 30% of the earnings needed to be paid upfront to release the funds.

When the victim attempted to withdraw profits, the fraudsters refused, revealing the scheme's fraudulent nature. The victim reported the scam to the cyber crime cell, leading to the registration of a case under relevant laws. Authorities are currently investigating the linked bank accounts and mobile numbers.