Nagpur: In yet another case highlighting the growing menace of cyber-enabled investment fraud, a cloth merchant from Nagpur was allegedly duped of more than Rs 54 lakh by a gang of cyber criminals who lured him with promises of extraordinary profits through cryptocurrency trading.
The fraud, which reportedly unfolded over a period of nearly nine months, involved a woman and several accomplices who allegedly trapped the businessman in a sophisticated online investment racket and extracted huge sums of money under various pretexts.
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June 04- 2026 - Time 10.30Hrs
Based on the victim’s complaint, the Cyber Police have registered a case and initiated an investigation into the fraud.
According to police, the complainant, Naresh Sunderdas Jethani (37), a cloth trader residing in Vasantshaha Chowk in Jaripatka, was first contacted in July 2025 through social media by a woman identified as Amayra Khandelwal.
During their interactions, the woman allegedly persuaded Jethani to invest in cryptocurrency trading, claiming that the platform offered exceptionally high returns within a short period. As the conversations progressed, other members of the syndicate reportedly joined in and repeatedly encouraged him to increase his investments.
Fake profits used to build trust
Investigators said Jethani initially invested Rs 60,000 as a trial amount. Within days, an online trading portal allegedly displayed a profit of Rs 98.85 lakh in his account.
The extraordinary returns convinced the trader that the investment was genuine, prompting him to place greater trust in the scheme. However, police suspect that the trading dashboard and profit figures were entirely fabricated and designed to create an illusion of massive earnings.
Cyber experts note that displaying fake profits is a common tactic used by fraudsters to manipulate victims into making larger investments.
The scam allegedly took a new turn when Jethani attempted to withdraw the profits shown in his online account.
According to the complaint, the accused informed him that before the funds could be released, he would have to pay taxes, processing charges, regulatory fees and other mandatory expenses.
Using different excuses and repeatedly assuring him that the money would be credited once the formalities were completed, the fraudsters allegedly continued demanding payments.
Believing that he would eventually receive the displayed profits, Jethani transferred money multiple times into various bank accounts provided by the accused. Police said that by the time the fraud came to light, the businessman had deposited a total of Rs 54,21,100.
Despite receiving substantial amounts from the victim, the accused allegedly continued demanding additional payments.
The constant requests for fresh deposits and the failure to release the promised returns eventually raised suspicion. Realising that he may have fallen victim to an elaborate cyber fraud, Jethani approached the Cyber Police and lodged a formal complaint.
Following preliminary verification, police registered a case against Amayra Khandelwal, Mahendra Khandelwal, Balbir Singh of Hyderabad and four other unidentified associates under relevant sections pertaining to cheating and provisions of the Information Technology Act.
Investigators have obtained details of several mobile numbers and bank accounts allegedly used in the fraud. Efforts are underway to trace the money trail, identify all members of the syndicate and determine whether the accused are linked to similar scams targeting investors in other parts of the country.
Cyber Police are also examining digital evidence, transaction records and communication exchanged between the victim and the accused.
Police issue advisory
Cyber experts and law enforcement officials have once again cautioned citizens against investment offers circulating on social media platforms, particularly those promising unusually high returns from cryptocurrency trading or other online investment schemes.
Authorities warned that claims of guaranteed profits, quick wealth and extraordinary returns are often hallmarks of fraudulent operations. Investors have been advised to thoroughly verify the legitimacy of any platform, company or investment opportunity before transferring money.
Police urged the public to exercise caution and report suspicious financial schemes immediately to cyber crime authorities to prevent further losses.
