Mumbai police arrests crypto-scamster for cheating people off Rs 1.55 crore

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 crypto investments, as reported by The Indian Express.

Jagdish Ladi, the 23-year-old alleged scamster, had asked people to invest in his scheme for high gains on cryptocurrency 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.

As per the report in The Indian Express, an FIR was registered on May 24 against Jagdish Ladi by Charkop police 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 that 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 Rs 1.65 lakh. But after Ladi failed to meet his word, Patil approached the  Charkop police station in Kandivali West to file a complaint against the former. 

After Patil’s complaint became public knowledge, a few others approached the police claiming that the total amount defrauded was a whopping Rs 1.55 crore.

Ladi was apprehended quickly by the police. He was arraigned in front of a magistrate and has been 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, 23-year-old will not return their money if they approach the investigators.

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