Sangli man booked for duping investors of Rs 90.5 lakh in cryptocurrency fraud

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Thane, Jun 11 (PTI) A case has been registered against a man from Maharashtra's Sangli for allegedly cheating people of Rs 90.5 lakh by promising them good returns on investments in cryptocurrency, police said on Tuesday.

The police in Thane district on Monday registered an offence under section 420 (cheating) and other relevant provisions of the Indian Penal Code and Maharashtra Protection of Interest of Depositors. (in Financial Establishments) Act, 1999, against Naresh Shankar Joshi and his firm Pinamic Traders, an official said.

According to the complaint, the accused allegedly lured 42 investors to put their money in cryptocurrency for lucrative returns and duped them of 90.5 lakh since 2018, he said.

A probe has been initiated in the case, the official said. PTI COR ARU

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