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

Bitcoin Rebounds Middle East Ceasefire Shocks Market

June 28, 2025

Ethereum Developer Barnabé Monnot Pushes 6-Second Slot Plan

June 28, 2025

Metaplanet’s $5 Billion Capital Fuels Bitcoin Strategy

June 27, 2025
Facebook X (Twitter) Instagram
  • About Us
  • Contact Us
  • Terms of Service
  • Privacy Policy
X (Twitter) Telegram
Crypto 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
Twitter Telegram Copy Link Pinterest LinkedIn Facebook Reddit
Share
Twitter Telegram Facebook Pinterest 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.

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. Telegram Twitter LinkedIn Pinterest Facebook Reddit Copy Link
Karly Marie
Karly Marie

Related Posts

Bitcoin Rebounds Middle East Ceasefire Shocks Market

June 28, 2025

Ethereum Developer Barnabé Monnot Pushes 6-Second Slot Plan

June 28, 2025

Ethereum Price Drop Triggers Biggest ETF Outflow Yet

June 25, 2025

CoinMarketCap Security Breach Triggers Wallet Scam Alert

June 25, 2025
Trending Posts

Bitcoin Treasury Firms Eye $200T Hyperbitcoinization

April 29, 2025

Microsoft and OpenAI Reset the Clock

May 25, 2025

Pavel Durov Gets Dubai Travel Approval From French Court

June 25, 2025

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

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

Bitcoin Rebounds Middle East Ceasefire Shocks Market

June 28, 2025

Ethereum Developer Barnabé Monnot Pushes 6-Second Slot Plan

June 28, 2025

Metaplanet’s $5 Billion Capital Fuels Bitcoin Strategy

June 27, 2025
ABOUT
  • About Us
  • Cookie Policy
  • Editorial Policy
  • Investment Disclaimer
  • Press and Media Kit
  • Terms of Service
  • Affiliate Disclosure
  • Contact Us
NEWSLETTER

Subscribe to Updates

Get the latest crypto news and updates direct to your inbox - we don't spam

X (Twitter) Telegram
  • 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) $ 107,370.77
ethereum
Ethereum (ETH) $ 2,435.74
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 2.20
bnb
BNB (BNB) $ 646.32
solana
Solana (SOL) $ 149.32
usd-coin
USDC (USDC) $ 1.00
tron
TRON (TRX) $ 0.274317
dogecoin
Dogecoin (DOGE) $ 0.162976
staked-ether
Lido Staked Ether (STETH) $ 2,433.40
cardano
Cardano (ADA) $ 0.564518
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 107,247.73
hyperliquid
Hyperliquid (HYPE) $ 37.11
wrapped-steth
Wrapped stETH (WSTETH) $ 2,944.59
bitcoin-cash
Bitcoin Cash (BCH) $ 491.28
sui
Sui (SUI) $ 2.75
chainlink
Chainlink (LINK) $ 13.29
leo-token
LEO Token (LEO) $ 9.09
avalanche-2
Avalanche (AVAX) $ 17.84
stellar
Stellar (XLM) $ 0.238936
usds
USDS (USDS) $ 1.00
the-open-network
Toncoin (TON) $ 2.83
whitebit
WhiteBIT Coin (WBT) $ 47.60
shiba-inu
Shiba Inu (SHIB) $ 0.000011
litecoin
Litecoin (LTC) $ 86.93
weth
WETH (WETH) $ 2,434.63
wrapped-eeth
Wrapped eETH (WEETH) $ 2,609.61
binance-bridged-usdt-bnb-smart-chain
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
hedera-hashgraph
Hedera (HBAR) $ 0.147579
monero
Monero (XMR) $ 304.58
bitget-token
Bitget Token (BGB) $ 4.64
ethena-usde
Ethena USDe (USDE) $ 1.00
polkadot
Polkadot (DOT) $ 3.38
coinbase-wrapped-btc
Coinbase Wrapped BTC (CBBTC) $ 107,358.76
uniswap
Uniswap (UNI) $ 7.10
pi-network
Pi Network (PI) $ 0.527592
pepe
Pepe (PEPE) $ 0.000009
aave
Aave (AAVE) $ 256.86
dai
Dai (DAI) $ 0.999878
ethena-staked-usde
Ethena Staked USDe (SUSDE) $ 1.18
aptos
Aptos (APT) $ 4.80
okb
OKB (OKB) $ 50.29
bittensor
Bittensor (TAO) $ 328.51
blackrock-usd-institutional-digital-liquidity-fund
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
jito-staked-sol
Jito Staked SOL (JITOSOL) $ 180.99
near
NEAR Protocol (NEAR) $ 2.14
internet-computer
Internet Computer (ICP) $ 4.77
crypto-com-chain
Cronos (CRO) $ 0.081081
ethereum-classic
Ethereum Classic (ETC) $ 16.21
susds
sUSDS (SUSDS) $ 1.06
ondo-finance
Ondo (ONDO) $ 0.75513
usd1-wlfi
USD1 (USD1) $ 1.00
tokenize-xchange
Tokenize Xchange (TKX) $ 27.56
kaspa
Kaspa (KAS) $ 0.076812
mantle
Mantle (MNT) $ 0.602034
fasttoken
Fasttoken (FTN) $ 4.41
gatechain-token
Gate (GT) $ 15.48
cosmos
Cosmos Hub (ATOM) $ 4.02
official-trump
Official Trump (TRUMP) $ 9.05
vechain
VeChain (VET) $ 0.020662
fetch-ai
Artificial Superintelligence Alliance (FET) $ 0.67528
lombard-staked-btc
Lombard Staked BTC (LBTC) $ 106,686.58
sky
Sky (SKY) $ 0.079301
render-token
Render (RENDER) $ 3.19
ethena
Ethena (ENA) $ 0.263598
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.176909
sei-network
Sei (SEI) $ 0.283824
arbitrum
Arbitrum (ARB) $ 0.30526
algorand
Algorand (ALGO) $ 0.175849
filecoin
Filecoin (FIL) $ 2.24
jupiter-perpetuals-liquidity-provider-token
Jupiter Perpetuals Liquidity Provider Token (JLP) $ 4.45
first-digital-usd
First Digital USD (FDUSD) $ 0.998356
worldcoin-wld
Worldcoin (WLD) $ 0.882954
binance-peg-weth
Binance-Peg WETH (WETH) $ 2,435.66
usdtb
USDtb (USDTB) $ 1.00
kucoin-shares
KuCoin (KCS) $ 11.09
binance-staked-sol
Binance Staked SOL (BNSOL) $ 157.97
jupiter-exchange-solana
Jupiter (JUP) $ 0.43198
usdt0
USDT0 (USDT0) $ 1.00
nexo
NEXO (NEXO) $ 1.20
flare-networks
Flare (FLR) $ 0.017383
spx6900
SPX6900 (SPX) $ 1.25
rocket-pool-eth
Rocket Pool ETH (RETH) $ 2,774.05
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 2,550.07
bonk
Bonk (BONK) $ 0.000014
fartcoin
Fartcoin (FARTCOIN) $ 1.08
injective-protocol
Injective (INJ) $ 10.74
polygon-bridged-usdt-polygon
Polygon Bridged USDT (Polygon) (USDT) $ 1.00
blockstack
Stacks (STX) $ 0.661366
celestia
Celestia (TIA) $ 1.47
binance-bridged-usdc-bnb-smart-chain
Binance Bridged USDC (BNB Smart Chain) (USDC) $ 1.00
kaia
Kaia (KAIA) $ 0.167878
sonic-3
Sonic (S) $ 0.308497
xdce-crowd-sale
XDC Network (XDC) $ 0.060333
paypal-usd
PayPal USD (PYUSD) $ 0.999741
virtual-protocol
Virtuals Protocol (VIRTUAL) $ 1.47
optimism
Optimism (OP) $ 0.546503
mantle-staked-ether
Mantle Staked Ether (METH) $ 2,601.19
pax-gold
PAX Gold (PAXG) $ 3,293.79
syrupusdc
SyrupUSDC (SYRUPUSDC) $ 1.11