Case against 23 in Pune over alleged Rs 14.7 crore crypto investment fraud

Pune, October 31, 2026: An FIR has been registered at Bundgarden police station against 23 people on the allegation of defrauding at least 22 investors of Rs 14.7 crore through a cryptocurrency investment platform. Police suspect that around 750 people may have been cheated across the country. Similar complaints have surfaced in several states.

The case was registered on a complaint by a 25-year-old farmer from Shetphal Gadhe village in Indapur taluka. He says he and his family invested Rs 22.7 lakh on the platform. Another 21 investors then approached the police, claiming they had been cheated in the same way. Together, the complainant farmer and these 21 people make at least 22 investors claiming fraud.

The accused include the platform's founder, promoters and their associates. They have been booked under the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act and the relevant sections of the Bharatiya Nyaya Sanhita (BNS). The Economic Offences Wing is investigating the case.

According to the complaint, a friend introduced the farmer to the platform in August 2023. He then attended an investment seminar at a hotel in Baner. The promoters allegedly guaranteed investors a minimum return of 6 per cent every month. They had said the amount would be credited to bank accounts on the sixth of each month.

The farmer allegedly paid the accused Rs 22.7 lakh between December 2024 and February 2025. Of this, Rs 5.5 lakh was in cash and the rest was sent by RTGS. Other investors told the police that the platform gave them no proof of investments made in cash or by bank transfer.

In February 2025, the Enforcement Directorate (ED) began an inquiry into the platform. The alleged fraud came to light only after that. Police said the promoters then diverted investors to other platforms and promised to return their money between January and March 2025. They later stopped responding.

All of these are allegations. The Economic Offences Wing's investigation is continuing.