Pune Cryptocurrency Investment Fraud: Investors Cheated of Rs 14.71 Crore; Dubai-Based Mastermind Among 23 Accused
Bund Garden, 30th October 2026: A massive investment fraud worth Rs 14.71 crore has come to light in Pune, where more than 20 investors were allegedly cheated through fake companies and online cryptocurrency investment platforms by promising high returns. The alleged fraud was carried out through platforms including ‘Boat Bro’ and ‘Mine Crypto’.
The Bund Garden Police have registered a case against more than 23 people, including a Dubai-based alleged mastermind and directors of various companies operating in Pune and Satara.
The complaint was lodged by Pratik Bhosale (25), a resident of Shetphal Gade in Indapur taluka. The main accused has been identified as Lavish Chaudhary alias Nawab Ali, a resident of Al Barsha in Dubai and originally from Muzaffarnagar, Uttar Pradesh.
According to the police, the alleged fraud took place between 11 February 2023, and 31 March 2026. The accused allegedly organised meetings with prospective investors at a hotel opposite Pune Railway Station and near Orchid Hotel in Baner, where they promoted investment opportunities promising substantial returns within a short period.
The accused allegedly persuaded Bhosale and his parents to invest Rs 22.70 lakh in the ‘Boat Bro’ company by promising attractive profits. They also gained the confidence of 21 other investors and induced them to invest crores of rupees.
Investigators said the accused collected money through RTGS, NEFT, cash transactions and USDT cryptocurrency transfers into bank accounts of shell companies. However, even after the promised investment period ended, the investors allegedly did not receive their returns.
The total amount involved in the alleged fraud has been estimated at Rs 14.71 crore. Police suspect that more investors may have been cheated through the network.
Investigation Transferred to Economic Offences Wing
Considering the scale of the alleged fraud, the investigation has been transferred to the Economic Offences Wing (EOW).
Deputy Commissioner of Police Vivek Masal has appealed to investors who may have been cheated in the case to contact the Economic Offences Wing at the Pune Police Commissionerate.
Further investigation is being conducted by Assistant Police Inspector Dineshkumar Patil.
