Thane Cyber Fraud: 52-Year-Old Man Loses ₹54 Lakh in Cryptocurrency Scam, Police Launch Probe

A 52-year-old man from Thane has been duped of nearly ₹54 lakh in a cryptocurrency investment scam, once again highlighting the rising menace of cyber fraud in India. Police have registered a case and initiated an investigation to track down the fraudsters.

Social Media Friendship Turns Into Trap

According to police, the victim, who holds a senior position at a private company in Colaba, received a friend request on Facebook on March 5 from an unknown woman. Trusting the connection, he accepted the request and began chatting with her. Over time, she gained his confidence and introduced him to a supposedly lucrative cryptocurrency trading opportunity.

The woman shared a link to a trading platform, asking him to create a login ID. Tempted by the promise of high profits in the booming digital currency market, the complainant followed her instructions, not realizing he was walking into a trap.

Multiple Transactions, Rising Investment

Between April 10 and June 11, the complainant transferred money across more than two dozen online transactions. In total, he deposited around ₹54 lakh into various beneficiary accounts connected with the fake platform.

The platform dashboard showed encouraging results, with his account balance reflecting over 91,000 USDT (a stable cryptocurrency pegged to the US dollar), including what appeared to be profits. Believing his investment was secure and growing, the complainant continued transferring funds as guided.

The Catch: Fake Fees and Charges

The trouble began when the complainant attempted to withdraw his funds. Instead of allowing a smooth withdrawal, the fraudsters demanded additional payments under multiple pretexts—taxes, hosting fees, and even something called a “green channel fee.”

When he refused to pay further, the scammers continued pressuring him with repeated demands. It was only then that the victim realized he had been tricked.

Police Complaint and Case Registered

Realizing the extent of the fraud, the victim reported the matter through the cyber-crime portal. He provided the authorities with crucial details, including phone numbers, account numbers, and transaction records connected to the fraud.

Based on his complaint, Thane Police registered a case on Friday under sections 66C (identity theft) and 66D (cheating by personation using computer resources) of the Information Technology Act. Officials confirmed that investigations are underway to trace the suspects behind the fraudulent scheme.

A senior police officer stated, “We are examining the money trail, digital footprints, and communications between the victim and the fraudsters. Cybercrime cases involving cryptocurrency have been on the rise, and we are strengthening surveillance to prevent such incidents.”

A Growing Cybercrime Trend

This incident reflects a larger trend of cybercriminals exploiting the popularity of cryptocurrencies to dupe unsuspecting investors. Fraudsters often use social media platforms to target victims, befriending them and gradually convincing them to invest in fake trading portals.

Experts warn that these scams often display fabricated dashboards that show artificial profits, luring victims into pumping more money. When withdrawals are attempted, victims are trapped with demands for additional payments, after which the fraudsters vanish.

Police Advisory for Citizens

Authorities have urged citizens to remain vigilant while engaging online, especially in financial matters. Key advisories include:

• Avoid accepting friend requests from unknown individuals on social media.
• Never invest in cryptocurrency through unverified platforms or links shared by strangers.
• Check the legitimacy of trading websites and mobile apps before registering.
• Be cautious if asked to transfer money to multiple beneficiary accounts.
• Report suspicious activity immediately on the cyber-crime helpline 1930 or the portal cybercrime.gov.in.

Conclusion

The Thane case serves as a sobering reminder of the risks associated with online investment offers, particularly in the unregulated world of cryptocurrency. While the police investigation continues, the incident highlights the importance of digital awareness and cautious financial behavior.

As cyber fraud becomes more sophisticated, experts stress that public education and quick reporting remain the strongest defenses against falling prey to such scams.