A 23-year-old man has been arrested by Charkop police in Kandivali (west) for allegedly cheating a few people of Rs 1.55 crore with the promise of hefty returns on investments in cryptocurrency. The victims approached the Charkop police station after he failed to keep his promise.
An FIR was registered on May 24 against Jagdish Ladi by Charkop police on a complaint from Atish Patil (24), a gym trainer.
While Patil invested Rs 1.65 lakh, a few others approached the police claiming that the total amount was Rs 1.55 crore.
Ladi was arrested soon. He was produced before a magistrate court and was remanded to police custody till May 30.
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In October last year, Patil met Ladi who told him that he invests in crypto coins and promised 25 per cent return on his investment in a week’s time. Ladi told the investors that he had Rs 3 crore and will return their money if their investment runs into losses, the police said.
Police said there is more money Ladi has invested in cryptocurrencies through a similar modus operandi but the investors do not want to come forward as they fear he will not return their money if they approach the sleuths.