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.
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.