Police in Maharashtra have filed charges against 19 members of the same family for allegedly defrauding two siblings of over Rs1 crore in a cryptocurrency scam. The incident took place in Thane district, where the brothers were enticed into the scheme with promises of significant returns on their investments.
After realizing they had been scammed, the 42-year-old victim filed a complaint at the Rabodi police station on Wednesday. The siblings had invested a total of Rs1.17 crore in the fraudulent scheme.
Among those booked are individuals identified as Sabir Yakub Ghachi (50), Shakir Yakub Ghachi (45), Ruhiha Shakir Ghachi (39), and several other family members. They are accused of persuading the victims to invest by promising returns as high as 12 times the initial investment.
In pursuit of large profits, the siblings invested Rs91.53 lakh and Rs25.69 lakh starting in March 2022. However, the scheme unraveled when the accused failed to return the investments. According to the complaint, the victims received evasive responses and were subjected to threats, with the accused claiming to have connections with influential figures.
Following these events, the victims turned to the police for assistance. A case has been registered under various sections of the Bharatiya Nyay Sanhita (BNS) and the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999, according to police reports. No arrests have been made as of yet.
For those unfamiliar, cryptocurrency is a digital currency secured by cryptography, functioning on decentralized networks through blockchain technology. Bitcoin, launched in 2009, is one of the most recognized cryptocurrencies globally.