Five arrested for ₹34L crypto forex investment fraud

The Malad police in Mumbai have charged five individuals with fraud after they allegedly tricked an insurance officer into losing ₹34 lakh. The accused are Ravi Mahasheth, Dilip Malap, Mohammad Rafiq, Rajiv Singh, and Abhishek Sahu. They reportedly created a fake investment scheme involving cryptocurrency and forex trading to lure in victims. Investigators believe the total amount lost in this scam could be much higher. The police suspect that many more people might have been defrauded by this gang, which operated under the guise of a legitimate investment company. The victim, Rishikesh Deepak Junnarkar, met Dilip Malap four years ago. They became friends, and Malap persuaded Junnarkar to invest in forex trading and cryptocurrency with promises of high returns. Over the years, Junnarkar invested ₹34 lakh in cash, as he was told forex trading is not officially allowed in India. To make the scheme appear legitimate, the accused gave Junnarkar access to a website to track his supposed profits. However, when he tried to withdraw money for his father’s medical treatment, he was told the funds were locked for 20 months. Realizing he had been scammed, Junnarkar confronted the gang. They made excuses, which raised his suspicions. He then reported the matter to the police, leading to the registration of the case. The police are now looking into the financial transactions linked to the scam. Further investigations are ongoing.