The North Cyber Cell of Mumbai Police has arrested a man in connection with a cryptocurrency investment fraud involving over ₹60 lakh, following a complaint filed by a private company executive.
According to a local report, the accused, identified as Arbaaz Wasim Mansuri, was taken into custody after investigators traced part of the defrauded funds to his bank account.
Fraud originated from WhatsApp investment group
According to the complaint, the victim, a technical manager based in Kandivali, was added to a WhatsApp group in February that claimed to offer cryptocurrency trading advice. After interacting with the group administrator, he was directed to a trading platform via a link. He subsequently shared personal and banking details and invested ₹60,61,780 over the course of February and March.
When the victim attempted to withdraw his funds in March, he was informed that the request was in process. Soon after, he was asked to pay an additional 15% as a processing fee to release the amount. He declined the demand, after which communication from the group ceased. Realising the likelihood of fraud, he filed a complaint through the national cybercrime portal and approached the cyber cell.
Investigation traces money flow
Police registered a case under relevant provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act, 2000, against unidentified individuals.
During the probe, technical analysis helped trace a portion of the funds to Mansuri’s account. Investigators allege that he acted as an intermediary by providing bank accounts used to route money to the main operators. Authorities also found that transactions linked to other suspected fraud cases had passed through the same account.
Mansuri was produced before a court and remanded to police custody. Officials said efforts are ongoing to identify and apprehend other members of the network behind the scheme. The case adds to a growing number of crypto-linked frauds in India involving social media groups, fake trading platforms, and staged withdrawal barriers.
Rising crypto-related scams
The case comes amid a broader rise in crypto-linked frauds across India, with similar patterns emerging in multiple states.
In Yamunanagar, at least 45 investors were allegedly duped of nearly ₹6.82 crore by a firm operating under the name “BFX Pro.” The scheme promised monthly returns of 8–10% and claimed government registration and international operations to build credibility. Victims were directed to use a mobile app that displayed fabricated profits, encouraging larger investments over time. Authorities have named several accused in the case, some of whom are reportedly linked to other fraud complaints.
A separate case in Chandigarh involved the arrest of a suspect whose Binance wallet was allegedly used to receive funds from a victim targeted through a fake AI-based trading pitch. The complainant in that case lost over ₹37 lakh after being promised daily returns of around 2%, a structure commonly flagged by investigators as a warning sign.
Across these cases, fraudsters have relied on familiar tactics, unsolicited investment offers, exaggerated returns, and controlled platforms or apps that simulate profits while restricting withdrawals.
Also Read: India’s MHA Issues Advisory on Trust Wallet Drainer Scams
