Close Menu
Crypto Junction
  • Crypto News
    • News
    • Bitcoin
    • Blockchain
    • BNB
    • Dogecoin
    • Ethereum
    • Litecoin
    • Meme Coins
    • Solana
    • Toncoin
    • XRP
  • Business
  • Markets
  • Regulation
  • Guides
  • Press Release
What's Hot

EVAA: TON’s $1.4B DeFi Protocol Becomes Community-Owned DAO With $EVAA Token

October 15, 2025

Pardon for Binance CEO CZ? Trump’s Move Stuns Markets

October 14, 2025

China Tariff News Triggers Crypto Crash — Bitcoin Hits $102K!

October 14, 2025
Facebook X (Twitter) Instagram
  • Altcoin News
  • Bitcoin News
  • Dogecoin News
  • Ethereum News
  • Litecoin News
  • Meme Coin News
  • Solana News
  • XRP News
X (Twitter) Telegram
Crypto JunctionCrypto Junction
  • Crypto News
    • News
    • Bitcoin
    • Blockchain
    • BNB
    • Dogecoin
    • Ethereum
    • Litecoin
    • Meme Coins
    • Solana
    • Toncoin
    • XRP
  • Business
  • Markets
  • Regulation
  • Guides
  • Press Release
Crypto Junction
Home » Five Arrested for Defrauding Insurance Officer of ₹34 Lakh in Crypto, Forex Scam
Crypto

Five Arrested for Defrauding Insurance Officer of ₹34 Lakh in Crypto, Forex Scam

Karly MarieBy Karly MarieMarch 21, 2025Updated:April 24, 20252 Mins Read
Share Facebook Twitter Pinterest Reddit Telegram Email Bluesky Copy Link
Share
Twitter Facebook Telegram Bluesky Pinterest Email Reddit Copy Link

Mumbai police have registered a case against five individuals accused of running a fraudulent cryptocurrency and forex investment scheme that allegedly duped an insurance officer of ₹34 lakh. Authorities believe the total amount swindled could be significantly higher, with multiple victims involved.

The accused—Ravi Mahasheth, Dilip Malap, Mohammad Rafiq, Rajiv Singh, and Abhishek Sahu—allegedly operated a bogus company that lured unsuspecting investors with promises of lucrative returns of 18% interest.

How the Scam Unfolded

The victim, Rishikesh Deepak Junnarkar, an assistant manager at a private firm, met one of the accused, Dilip Malap, four years ago while working in Malad. Over time, Malap gained Junnarkar’s trust and convinced him to invest in forex trading and cryptocurrency.

Malap introduced Junnarkar to the other accused at an office in Goregaon, where they explained that since forex trading is not legally recognized in India, investments had to be made in cash.

Between 2021 and 2025, Junnarkar invested a total of ₹34 lakh. To maintain the illusion of legitimacy, the accused provided login credentials for a website where he could supposedly track his profits.

See also  YZY Token Trap: 13 Wallets Drain $24M From Kanye’s Dream Coin

Discovery of the Fraud

Junnarkar’s suspicions were raised when he tried to withdraw funds for his father’s medical treatment but was told his money would be locked for at least 20 months.

When he confronted the accused, they gave evasive responses and excuses. Realizing he had been deceived, Junnarkar approached the police, leading to the registration of a case.

Ongoing Investigation

The Malad police station has booked the five accused for fraud and embezzlement. Authorities are verifying financial transactions to determine the full scale of the scam.

“We believe the fraud is much larger, and the total amount swindled could rise significantly,” a police officer stated. Investigations are ongoing to identify additional victims and trace the funds.

With cryptocurrency and forex scams on the rise, authorities urge investors to verify the legitimacy of investment schemes before committing funds.

crypto scam financial scam forex fraud investment fraud Mumbai police
Share. Twitter Facebook Telegram Email Bluesky Reddit Copy Link
Previous ArticleCrypto Sleuth ZachXBT Unmasks 50x Hyperliquid Whale as Convicted Hacker
Next Article Bybit Hack: Lazarus Group Stole $1.4B in Crypto, But 88% Still Traceable
Karly Marie
Karly Marie

Related Posts

Press Release

EVAA: TON’s $1.4B DeFi Protocol Becomes Community-Owned DAO With $EVAA Token

October 15, 2025
BNB

Pardon for Binance CEO CZ? Trump’s Move Stuns Markets

October 14, 2025
BNB

BNB Memecoins Crash After CZ’s Tweet—Millions Lost Overnight!

October 14, 2025
– Advertisement –
Trending Posts
Regulation

Thailand SEC Blocks Bybit OKX in Landmark Crypto Enforcement

June 15, 2025
BNB

BNB Price Crosses $1,000: Altcoins Outpace Bitcoin’s Momentum

September 22, 2025
Bitcoin

Bitcoin Price Prediction: JPMorgan Signals $165K Breakout

October 3, 2025

Crypto Junction, founded in 2014, is one of the original and most trusted sources for cryptocurrency news and blockchain insights. We provide accurate, unbiased, and timely coverage of digital assets, market trends, and industry developments.

All content on Crypto Junction is for informational and educational purposes only and should not be considered financial, investment, or legal advice. Cryptocurrency investments are highly volatile and carry risks. Always conduct your own research before making financial decisions.

We're social. Connect with us:

X (Twitter) Telegram
Top Insights

EVAA: TON’s $1.4B DeFi Protocol Becomes Community-Owned DAO With $EVAA Token

October 15, 2025

Pardon for Binance CEO CZ? Trump’s Move Stuns Markets

October 14, 2025

China Tariff News Triggers Crypto Crash — Bitcoin Hits $102K!

October 14, 2025
ABOUT
  • About Us
  • Cookie Policy
  • Editorial Policy
  • Investment Disclaimer
  • Press and Media Kit
  • Terms of Service
  • Affiliate Disclosure
  • Contact Us
  • Crypto Marketing
  • Daily Digest News
Telegram X (Twitter)
  • Altcoin News
  • Bitcoin News
  • Dogecoin News
  • Ethereum News
  • Litecoin News
  • Meme Coin News
  • Solana News
  • XRP News
© 2025 Crypto Junction

Type above and press Enter to search. Press Esc to cancel.

bitcoin
Bitcoin (BTC) $ 108,533.08
ethereum
Ethereum (ETH) $ 3,890.00
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 1,076.66
xrp
XRP (XRP) $ 2.43
solana
Solana (SOL) $ 186.29
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,887.99
tron
TRON (TRX) $ 0.321893
dogecoin
Dogecoin (DOGE) $ 0.194616
cardano
Cardano (ADA) $ 0.645172
wrapped-steth
Wrapped stETH (WSTETH) $ 4,730.49
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 108,416.05
wrapped-beacon-eth
Wrapped Beacon ETH (WBETH) $ 4,197.78
figure-heloc
Figure Heloc (FIGR_HELOC) $ 0.997257
chainlink
Chainlink (LINK) $ 18.05
ethena-usde
Ethena USDe (USDE) $ 0.999743
wrapped-eeth
Wrapped eETH (WEETH) $ 4,196.01
stellar
Stellar (XLM) $ 0.317374
hyperliquid
Hyperliquid (HYPE) $ 36.09
bitcoin-cash
Bitcoin Cash (BCH) $ 471.21
sui
Sui (SUI) $ 2.50
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
avalanche-2
Avalanche (AVAX) $ 20.00
weth
WETH (WETH) $ 3,889.86
usds
USDS (USDS) $ 1.00
leo-token
LEO Token (LEO) $ 8.97
usdt0
USDT0 (USDT0) $ 1.00
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 108,627.10
hedera-hashgraph
Hedera (HBAR) $ 0.172182
litecoin
Litecoin (LTC) $ 93.06
whitebit
WhiteBIT Coin (WBT) $ 41.12
shiba-inu
Shiba Inu (SHIB) $ 0.00001
monero
Monero (XMR) $ 312.77
mantle
Mantle (MNT) $ 1.72
the-open-network
Toncoin (TON) $ 2.21
ethena-staked-usde
Ethena Staked USDe (SUSDE) $ 1.20
crypto-com-chain
Cronos (CRO) $ 0.144654
dai
Dai (DAI) $ 0.999346
polkadot
Polkadot (DOT) $ 3.00
zcash
Zcash (ZEC) $ 273.11
bittensor
Bittensor (TAO) $ 402.14
uniswap
Uniswap (UNI) $ 6.24
memecore
MemeCore (M) $ 2.09
world-liberty-financial
World Liberty Financial (WLFI) $ 0.128297
okb
OKB (OKB) $ 165.73
aave
Aave (AAVE) $ 221.39
bitget-token
Bitget Token (BGB) $ 4.59
ethena
Ethena (ENA) $ 0.447669
pepe
Pepe (PEPE) $ 0.000007
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
near
NEAR Protocol (NEAR) $ 2.21
paypal-usd
PayPal USD (PYUSD) $ 1.00
usd1-wlfi
USD1 (USD1) $ 1.00
jito-staked-sol
Jito Staked SOL (JITOSOL) $ 230.51
susds
sUSDS (SUSDS) $ 1.07
ethereum-classic
Ethereum Classic (ETC) $ 15.94
c1usd
Currency One USD (C1USD) $ 0.997538
binance-peg-weth
Binance-Peg WETH (WETH) $ 3,889.45
ondo-finance
Ondo (ONDO) $ 0.726507
aptos
Aptos (APT) $ 3.15
aster-2
Aster (ASTER) $ 1.11
tether-gold
Tether Gold (XAUT) $ 4,236.97
falcon-finance
Falcon USD (USDF) $ 0.994238
jupiter-perpetuals-liquidity-provider-token
Jupiter Perpetuals Liquidity Provider Token (JLP) $ 5.38
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.19651
worldcoin-wld
Worldcoin (WLD) $ 0.89451
htx-dao
HTX DAO (HTX) $ 0.000002
gatechain-token
Gate (GT) $ 15.70
usdtb
USDtb (USDTB) $ 1.00
hash-2
Provenance Blockchain (HASH) $ 0.035678
story-2
Story (IP) $ 5.41
rocket-pool-eth
Rocket Pool ETH (RETH) $ 4,448.23
kucoin-shares
KuCoin (KCS) $ 13.36
arbitrum
Arbitrum (ARB) $ 0.312234
pi-network
Pi Network (PI) $ 0.202312
internet-computer
Internet Computer (ICP) $ 3.08
binance-staked-sol
Binance Staked SOL (BNSOL) $ 200.60
algorand
Algorand (ALGO) $ 0.180274
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 4,106.80
cosmos
Cosmos Hub (ATOM) $ 3.22
vechain
VeChain (VET) $ 0.017438
stakewise-v3-oseth
StakeWise Staked ETH (OSETH) $ 4,105.84
chainopera-ai
ChainOpera AI (COAI) $ 7.08
sky
Sky (SKY) $ 0.060382
pax-gold
PAX Gold (PAXG) $ 4,242.27
kaspa
Kaspa (KAS) $ 0.051897
wbnb
Wrapped BNB (WBNB) $ 1,076.89
liquid-staked-ethereum
Liquid Staked ETH (LSETH) $ 4,143.34
pump-fun
Pump.fun (PUMP) $ 0.003883
kinetic-staked-hype
Kinetiq Staked HYPE (KHYPE) $ 36.18
pudgy-penguins
Pudgy Penguins (PENGU) $ 0.021567
flare-networks
Flare (FLR) $ 0.017405
bfusd
BFUSD (BFUSD) $ 1.00
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 108,682.12
render-token
Render (RENDER) $ 2.48
syrupusdc
Syrup USDC (SYRUPUSDC) $ 1.13
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 4,129.49
sei-network
Sei (SEI) $ 0.193989
quant-network
Quant (QNT) $ 82.41