Wednesday

Million

<ul>
 <li>A Mumbai resident who lost INR 6.6 crores in the scam filed a complaint.</li>
 <li>Authorities were able to confiscate bank accounts containing $3.92 million.</li>
</ul>
The rising prevalence of crypto-related frauds over the last several years has understandably scared off several investors. Meanwhile, on Wednesday the 18th of October, authorities in Navi Mumbai exposed and shut down a major <a href="https://thenewscrypto.com/european-union-embraces-new-crypto-regulations-for-tax-reporting/" target="_blank" rel="noopener noreferrer nofollow">crypto</a> fraud. Located in the Indian state of Maharashtra, <a href="https://en.wikipedia.org/wiki/Navi_Mumbai" target="_blank" rel="noopener noreferrer nofollow">Navi Mumbai</a> is a city that borders Mumbai.
It has been reported that the Navi Mumbai police have confiscated several bank accounts totaling INR 32.6 crore (about $3.92 million) that were used in the crypto scam. A Mumbai resident who lost INR 6.6 crores in the scam filed a complaint with the Navi Mumbai police.
<h3 class="wp-block-heading" id="h-suspects-apprehended">Suspects Apprehended</h3>
Meanwhile, the victim said that a female caller befriended him before asking for money to invest in <a href="https://thenewscrypto.com/uk-emerges-as-top-crypto-economy-in-europe-third-largest-globally-report/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> trading. The guy believed the women and invested the money, earning INR 75 lakh in returns a few times. But after a time, he stopped seeing a return on his investment.
After an investigation, authorities were able to confiscate bank accounts containing INR 32.66 crores (about $3.92 million). The investigation began in August 2023, when the cyber police station in Navi Mumbai got a cheating allegation, according to Gajanan Kadam, a senior officer there.
The inquiry uncovered the accused parties and their associated bank accounts by using the inputs and data of the bank accounts to conduct criminal frauds. Moreover, two men, Balu Sakharam Khandagale, 42, and Rajendra Ramkhilavan Patel, 52, were apprehended after an inquiry into the cryptocurrency fraud.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/european-union-embraces-new-crypto-regulations-for-tax-reporting/" target="_blank" rel="noopener noreferrer nofollow">European Union Embraces New Crypto Regulations for Tax Reporting</a>

Indian Police Bust $3.92 Million Crypto Scam; Arrest Two Suspects

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