India, March 18 -- The Malad police have registered a case of fraud and embezzlement against five individuals accused of duping an insurance officer of Rs.34 lakh by luring him into investing in cryptocurrency and forex trading. The accused, identified as Ravi Mahasheth, Dilip Malap, Mohammad Rafiq, Rajiv Singh, and Abhishek Sahu, allegedly operated a bogus investment scheme, defrauding multiple victims of crores of rupees.

According to investigators, the gang set up a fake company to entice unsuspecting investors with promises of high returns. "We believe the scale of the fraud is much larger, and the total amount swindled could rise significantly," said an officer from the Malad police station.

The complainant, Rishikesh Deepak Junnar...