Charkop police in Kandivali West, Mumbai has arrested a 23-year-old person for allegedly defrauding a bunch of people out of Rs 1.55 crore in lieu of high profits in criptocurrency investments, as reported by The Indian Express.
Jagdish Ladi, a 23-year-old alleged scamster, had asked people to invest in his scheme for high gains on criptocurrency investments. After he failed to meet his word, the victims went to the Charkop police station in Kandivali West to file a complaint against him.
According to the report in The Indian Express, an FIR was registered against Jagdish Ladi by Charkop police on May 24 on a complaint from Atish Patil, a 24 year-old gym trainer who was defrauded of Rs 1.65 lakh.
Patil met Ladi in October of last year. Ladi told Patil he invested in cryptocurrencies and offered a 25 per cent return in a week if Patil was interested.
Patil agreed to the arrangement and invested 1.65 lakh. Patil approached Charkop police station in Kandivali West after Ladi failed to meet his word.
After Patil's complaint became public knowledge, a few others approached the police claiming that the total amount defrauded was a whopping 1.55 crore.
Ladi was quickly apprehended by the police. He was arraigned in front of a magistrate and was put in police custody until May 30.
The police told The Indian Express that the alleged scamster Ladi has invested more money in cryptocurrencies using a similar method, but the investors are afraid to come forward because they worry that the 23-year-old won't return their money if they approach the investigators.