Maharashtra Police bust cryptocurrency scam, arrest three suspects
Date: 2025-01-30 Author: Oliver Abernathy Categories: IN WORLD
A 19-year-old student who approached the police said that in November last year, he consulted a friend about cryptocurrency investments. The friend advised him to contact an "expert" who could allegedly help him with the investment. The student called the number and was offered to buy cryptocurrency at a price of 87 rupees (about $1) per unit. At the same time, he was promised a discount on the purchase of 2 lakh rupees (about $2,319).
The deal was set up and one of the suspects met the young man to collect the money. However, after handing over the entire amount, the scammer stopped responding. Realizing that he had become a victim of fraud, the student contacted the police.
Law enforcement agencies reviewed CCTV footage from the meeting site and were able to track down and arrest three suspects. During interrogation, Mohammad Subhani Mohammad Umar Khan, Sahil Mustafa Quereshi, and Ghufran Khan admitted their guilt and told how they misled investors. All three are currently under arrest. The police are continuing their investigation, checking their possible involvement in other crypto-related crimes.
Earlier, in November, Indian police began investigating another major crypto-related fraud case, in which 320 investors lost a total of about Rs 23 crore ($2.73 million). The incident has once again reignited the debate about a complete ban on private cryptocurrencies in India, which local regulators see as a way to combat financial crimes and improve security.
