23-year-old Management Graduate Arrested For ?1.5 Crore Crypto Fraud In Mumbai

More than three months after a ?40 crore crypto fraud was detected in Nagpur, another one has come to light in the state of Maharashtra.

A 23-year-old management graduate has been arrested in Mumbai by Charkop police for duping investors of ?1.5 crores. He had been allegedly offering to invest people¡¯s money in cryptocurrency. The accused, Jagdish Ladi, has a BBA degree and has been trading online since the pandemic struck in 2020, the police said, as per a TOI report.

So far, 7 people have come forward with complaints against the 23-year-old and investigators suspect that many more have been duped in the crypto scam.

Among the complainants is a gym trainer who lost ?1.65 lakh of his savings. The FIR says that the trainer first heard of Jagdish Ladi in 2021 through a female client who had made investments with Ladi and offered to introduce the two. The trainer was told that he would earn 25% returns per week, as per the TOI report.

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It was reportedly in October 2021 when the trainer and his brother visited the client's house at Charkop where Ladi had come over. He showed them a presentation on his phone and offered maximum returns if they chose to invest. "Ladi also said that he held a portfolio of ?3 crores and could return our investment amount in entirety if things didn't work out," the trainer told the police.

Between September and December 2021, the trainer invested ?1.65 lakh in instalments. But thereafter whenever he or his brother called Ladi about the returns he would avoid the talk.

"During our trips to Ladi's residence to inquire about our returns, my brother and I learnt that several others had been similarly fleeced. We got acquainted with a woman who had invested ?10 lakh with Ladi and had landed up at his house to inquire about it," the trainer reportedly said in his statement.

As per the police, Ladi operated alone and was not associated with any trading firm. "He would ask people to deposit money into his account and then make investments in cryptocurrency in his own name. We checked his portfolio," said an officer from Charkop police.

Investigators said Ladi would initially offer returns in small amounts, winning the confidence of his investors. All his publicity was by word-of-mouth. Later, the returns stopped coming.

A magistrate's court has remanded Ladi in police custody till May 30.

Not everyone who has lost money is willing to lodge a complaint," said the officer. "Some of the investors believe that once Ladi is out of prison, they will get their money back," he added.

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