Pune Manager Duped of Rs 70.7 Lakh in Cryptocurrency Investment Scam

Pune, 2nd January 2026: A 44-year-old manager working with a private company in Talegaon MIDC was allegedly cheated of Rs 70.7 lakh after cyber fraudsters lured him with promises of high returns on cryptocurrency investments over a period of nearly nine months, police said.

The victim approached the police through an online complaint, following which the Kalewadi police registered a case on Wednesday after conducting a preliminary inquiry.

A police officer said the fraud began in June 2024 when the man was added to a cryptocurrency investment group on a mobile messaging platform. “The accused introduced themselves as experienced crypto traders and assured him that he would receive 100 units of cryptocurrency in return for investing through them,” the officer said.

According to police, the victim was persuaded to register on a website that appeared to offer cryptocurrency trading services. Initially, he invested small amounts and received modest returns, which strengthened his trust in the scheme. “After gaining his confidence, the fraudsters kept offering new investment plans and higher-return schemes,” the officer added.

Between June 2024 and March 2025, the man transferred a total of Rs 70.7 lakh to multiple bank accounts shared by the accused. The trading application linked to the website showed that his investments had grown significantly. “The dashboard reflected cryptocurrency holdings worth around Rs 3.4 crore,” the officer said.

However, when the victim attempted to withdraw the funds, the fraudsters allegedly demanded additional payments, citing tax and processing charges. “They kept asking for more money under the pretext of taxation and verification,” the officer said.

The victim realised he had been cheated when the website suddenly became inaccessible and the accused stopped responding to his calls and messages.

In a separate but similar case, police said a 30-year-old software engineer from Hinjewadi was allegedly duped of Rs 34 lakh after being promised returns of up to 40 per cent on cryptocurrency investments. The fraud reportedly took place in October 2025. “The victim became suspicious when the accused repeatedly demanded additional payments, following which he approached the police,” an officer said.

Police have advised citizens to remain cautious while investing in online trading platforms and to verify the authenticity of investment schemes before transferring money. Further investigation in both cases is underway.