In two separate cases of cryptocurrency fraud, two Mumbai citizens, including a doctor, lost nearly Rs 20 lakh to cyber fraudsters.
In the first case, a 53-year-old homemaker from Kandivali (West) was targeted. The woman noticed last December that her number had been added to a Bitcoin trading WhatsApp group of 250 or more members, the police said. Though she did not sign up for such a group, she did not exit it and viewed the messages shared in the group.
When the woman saw the group administrator and some other trading ‘experts’ guiding people, giving tips, and helping them make profits through cryptocurrency trading, she became interested. A few days later, she received a message from a person who said he could help her start investing money in cryptocurrency trading and made her install the ‘LON App’, the FIR said.
After this, the woman’s number was added to another group where she was given tips on how to invest money in profit-making cryptocurrency trading. She was also made to download another app where a virtual account was opened where her earnings would be deposited, the police said.
Following the instructions of the group administrator, she invested money in cryptocurrency and could see her profits being deposited into her virtual account. On January 26, 2023, the woman allegedly earned $28,480 (equivalent to around Rs 24,77,760), but when she tried to withdraw it, her request was declined. When she asked the person who had been guiding her, she was informed that she would have to pay 30 per cent tax to the Indian government or else she would not be able to withdraw the money, the FIR stated.
“The complainant woman then paid $8,545 until February 8 (equivalent to nearly Rs 7,43,415). After this, her instructor told her that in two hours she would receive a tax certificate that she would have to submit to the income tax department. However, after this, she did not hear from the accused. She then realised that she had been defrauded,” a police officer said.
The woman lost Rs 13.10 lakh to the fraud. The Kandivali police have registered a cyber fraud case of cheating and impersonation and are investigating the case.
In the second case, a Bandra-based 28-year-old doctor lost Rs 6.23 lakh to cryptocurrency fraud. The complainant doctor, allegedly on the suggestion of homoeopathic practitioner Prathmesh Alsundekar, decided to invest money in cryptocurrency that was to be launched in October 2022.
Alsundekar allegedly convinced the complainant by saying that many doctors from his friend circle were making good money through the same cryptocurrency. Alsundekar then introduced him to investment agent Shrikant Mawalkar, the FIR said.
Mawalkar allegedly told the complainant that the cryptocurrency BigBull will be launched in October, and its coins worth Rs 34 before its launch can be purchased at Rs 17. After its launch, a good profit can be earned, the complainant was told, the police complaint said.
The complainant agreed to invest and first sent Rs 50,000 to Mawalkar via GPay. Mawalkar allegedly got him to install the app ‘Trust Wallet’ on his mobile, where the complainant could see that coins worth lakhs were being deposited in his account. On Mawalkar’s instructions, the complainant kept sending him money, and in all, he ended up investing Rs 6.23 lakh, the police said.
When the complainant tried to sell this cryptocurrency, Mawalkar told him that he could not do so as the crypto was not listed yet. But when the coin was launched and listed, its value was just 10 paise, states the FIR. Shocked, the complainant allegedly confronted Mawalkar who connected him to his boss, Surendra Shinde. “After pursuing the matter with Shinde for a long time, the complainant finally realised that he was cheated using a fake website called bigbull.com,” said a police officer.
On the doctor’s complaint, the Bandra police have registered a fraud case against Alsundekar, Mawalkar and Shinde.
Alsundekar allegedly convinced the complainant by saying that many doctors from his friend circle were making good money through the same cryptocurrency. 
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