A significant cryptocurrency fraud case has recently come to light in Navi Mumbai. A 53-year-old homemaker from Kharghar was duped of ₹1.03 crore by a cyber fraudster under the pretense of lucrative cryptocurrency investments. The accused, identified as Zuber Shamshad Khan, was arrested by the Panvel Cyber Cell on June 5, 2025, from Mumbra, Thane.

Khan allegedly lured the victim through a Facebook advertisement in 2020, promising high returns on crypto investments. He instructed her to download applications like ‘The Champ Coin’ and ‘Binance’ to facilitate the investments. Believing in the promised returns, the woman invested over ₹1 crore. Authorities suspect that Khan may have similarly defrauded other individuals.

This incident is part of a broader trend of cyber frauds involving cryptocurrency. For instance, in Odisha, five individuals were arrested for duping a businessman of over ₹6.16 crore under the guise of crypto investments.

In light of these events, it’s crucial to exercise caution when approached with investment opportunities, especially those promising unusually high returns. Always verify the credentials of individuals and platforms before making financial commitments.

sources