Thane: 36-year-old man loses over Rs 77 lakh to bitcoin trading

On Monday, the police reported that a 36-year-old man residing in Thane district, Maharashtra, fell victim to a scam where he lost over Rs 77 lakh. He had been promised lucrative returns in the realm of bitcoin trading before being defrauded.

The Kalwa police on Sunday registered a case against the unidentified accused under Indian Penal Code section 420 (cheating), an official from Kalwa police station said.  According to the victim's complaint, the accused enticed him between April 2 and 8 of this year, persuading him to engage in Bitcoin trading with the promise of substantial profits.

The victim invested a total sum of Rs 77,91,090 from time-to-time, but did not got any return and also lost the invested amount, he said.The man then filed a police complaint against the unidentified fraudster, the official added.