Crypto Fraud: Man Arrested by Indian Police For $200,000 Fraud

  • Police arrested a person in the Indian metropolitan city of Mumbai for allegedly cheating several people to the tune of INR 1.55 crore (Appr $199,000) by promising high weekly returns on bitcoin investments.
  • According to a police complaint lodged by 24-year-old gym instructor Aatish Patil, a customer at the gym, Arpita Dey, told him about Jagdish Laadi. She informed him that Laddi dealt in bitcoin trading and can help him invest in bitcoin and other cryptocurrencies.
  • Based on Patil’s complaint, the police on May 24 registered a complaint against Laadi under the Indian Penal Code’s sections 420 and 406 which deal with cheating and criminal breach of trust respectively and arrested him.

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