Surat Crypto Scam: Three Traders Lose Rs. 1.19 Crore After Initial Payouts Build Trust Before Larger Investment Demands
Surat police booked three people on October 8 for allegedly cheating three traders of Rs. 1.19 crore through a cryptocurrency investment scam. The Lal Gate police registered the case after a zari trader alleged that the accused promised attractive returns and withheld the investors’ money.
The complaint names Krunal Rana, Aditya Thakkar and Pinal Baraiya as the alleged accused in the Surat crypto investment fraud. Complainant Shailesh Rana alleged that Krunal persuaded him, his brother Kishor Rana and their friend Nicky Biscuitwala to invest through a cryptocurrency trading app.
According to the complaint, Krunal introduced Aditya and Pinal as business partners before encouraging the group to invest. The accused allegedly returned some money initially, building trust before seeking larger investments from the three traders.
Shailesh reportedly transferred Rs. 24.38 lakh, while Kishor invested Rs. 29.51 lakh in the scheme. Their friend allegedly transferred another Rs. 65 lakh, taking the total disputed amount to Rs. 1.19 crore.
The cryptocurrency fraud allegedly escalated when the accused continued demanding money in exchange for higher returns. They later claimed technical problems had frozen the investors’ cryptocurrency accounts and requested additional payments to release the funds.
The complainant alleged that the accused subsequently refused to return the invested money despite repeated requests. He also suspected that other people in Surat might have faced similar losses through comparable investment promises.
Lal Gate police are investigating the allegations and attempting to trace the money collected from the traders. Investigators are also examining each accused person’s alleged role in the crypto investment scam.
The allegations remain unproven, and the investigation will determine the circumstances surrounding the disputed transactions. The case highlights the risks of cryptocurrency investment offers that promise attractive returns and demand extra payments to release supposedly frozen funds.
Also Read: Pune Trader Loses Rs. 5.42 Lakh After Promise of Daily Crypto Profits
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