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A crypto investment fraud case has been registered in Pune’s Saswad after a woman from Maharashtra’s Satara district alleged that she and her family lost ₹21.75 lakh in a cryptocurrency scheme promising extraordinary profits.
The Saswad Police booked five individuals on charges of cheating and criminal breach of trust after the complainant claimed the accused persuaded her to invest in a pre-launch digital token by offering guaranteed monthly returns and substantial bonuses.
Authorities are investigating whether the alleged crypto investment fraud targeted additional investors using similar promises.
The complainant, Harshada Amol Murhe, a resident of Shirwal in Satara district, alleged that the accused convinced her family to invest in Trillionaire Company’s TLC 2.0 pre-launch crypto coin by claiming investors would receive a 40% bonus in coins, monthly returns of four to five percent, and profits ranging from double to five times the original investment. According to the complaint, the alleged crypto investment fraud unfolded through multiple online transactions before the promised returns stopped.
According to the First Information Report (FIR), the accused promoted the TLC 2.0 pre-launch cryptocurrency as a lucrative investment opportunity with unusually high returns.
The complainant alleged that the group repeatedly assured her family that the investment would generate significant profits within a short period. Among the promises were a 40% bonus in cryptocurrency, monthly returns of four to five percent, and overall gains of between two and five times the invested amount.
Police said the accused allegedly succeeded in gaining the family’s confidence before requesting funds through RTGS and other online payment methods.
According to investigators, a total of ₹21,75,900 was transferred on different occasions into the bank accounts of two of the accused Anita Prakash Jagtap and Kalika Dnyaneshwar Shinde.
To reinforce confidence in the investment, the complainant alleged that the accused initially returned a small portion of the money, creating the impression that the scheme was genuine. However, subsequent requests for repayment allegedly went unanswered.
The complaint states that when the family sought the return of both the principal investment and the promised profits, the accused reportedly blamed declining cryptocurrency market conditions and refused to refund the money.
Following the complaint, Saswad Police registered a crypto investment fraud case against five individuals on charges of cheating and criminal breach of trust.
The accused have been identified as:
Authorities are investigating the allegations to determine the full scope of the suspected crypto investment fraud and whether additional victims may have invested in the same scheme.
According to the complaint, the accused allegedly used similar promises of high returns to encourage other individuals to invest, raising concerns that the operation may have extended beyond a single family.
At this stage, police have registered the case, and the allegations remain under investigation.
The allegations reflect several warning signs commonly associated with fraudulent cryptocurrency investment schemes.
Promises of guaranteed monthly profits, exceptionally high returns, and large bonus incentives are frequently cited by regulators as indicators of potential investment fraud. In many such schemes, early investors receive limited payouts designed to build confidence before larger investments are solicited.
In this case, the complainant alleged that the accused initially returned a small amount of money before discontinuing payments altogether.
The alleged explanation that falling cryptocurrency prices prevented repayment also underscores a recurring tactic observed in many crypto investment fraud investigations, where market volatility is cited after promised returns fail to materialize.
While cryptocurrencies remain legitimate digital assets, financial experts have consistently warned investors to approach pre-launch token offerings and unverified investment platforms with caution. Investors are generally advised to conduct independent due diligence, verify company registrations, and remain skeptical of guarantees involving fixed or unusually high returns.
Primary source: Pune Police complaint reported by Free Press Journal.
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