Key Highlights
- A 55-year-old Dehradun trader alleged that he was duped of nearly Rs 1.5 crore through a forex and cryptocurrency investment scheme.
- Police registered an FIR against six people at Clement Town police station.
- The accused allegedly promised monthly interest of 5% to 8% and returns of up to 15% per month.
A 55-year-old trader in Dehradun has alleged that he was duped of nearly Rs 1.5 crore after being promised high returns from online foreign exchange and cryptocurrency trading.
According to a Times of India report published on October 2, an FIR was registered against six people at Clement Town police station following a complaint filed by the trader, identified as Chandra Vallabh Pant.
Trader allegedly promised high investment returns
Police said the accused first contacted Pant in 2024 and allegedly introduced him to an investment scheme involving online forex and cryptocurrency trading.
One of the accused later allegedly visited Pant at his home and explained the investment plan, according to investigating officer SI Vivek Bhandari.
“They promised him monthly interest of 5-8% on the investment amount along with returns of 15% per month,” Bhandari said.
Pant subsequently invested in the scheme, according to the police account.
Additional payments allegedly demanded for withdrawal
According to police, Pant later tried to withdraw his money but was allegedly asked to deposit additional amounts for duties and other charges.
His total investment eventually reached nearly Rs 1.5 crore, police said.
Pant allegedly became suspicious after he was unable to withdraw the money and the accused stopped responding to him.
The Crypto Times has reached out to the Dehradun Police PRO for comments on the case and will update the story if a response is received.
Six people named in FIR
The FIR names Lavish Choudhary of Muzaffarnagar, Navin Singh, Anil Kumar Pradeshi, Karan and an unidentified director of a Noida-based investment firm.
Police have not said whether the accused have been arrested.
Bhandari said, “A probe is underway and efforts are being made to trace the accused.”
Recent crypto investment fraud cases in India
Two other crypto-related investment fraud cases were recently reported in India.
On September 21, Bengaluru cyber police arrested three men in an alleged crypto investment fraud involving Rs 93.58 lakh. The investigation also uncovered 507 mule accounts and a cryptocurrency trail, according to a separate Crypto Times report.
Earlier, on September 10, the Enforcement Directorate said it had arrested Amit Lakhanpal in the UAE in connection with the MTC crypto scam. The agency alleged that investors were cheated of Rs 113.10 crore between August 2017 and April 2018. Thane Police had previously estimated the losses at between Rs 300 crore and Rs 500 crore.
The three cases involve separate investigations, and there is no indication from the available information that they are connected.
The Dehradun case remains under investigation as police work to trace the accused.
Also Read: India’s ED Probes Crypto Transfers in ₹7 Crore Digital Arrest Case
