Maha: Five booked in cryptocurrency scam in Palghar

A case has been registered against five persons for allegedly cheating investors of over Rs 26 lakh in a cryptocurrency scheme in Maharashtra's Palghar district, police said on Saturday. Cryptocurrencies are digital or virtual currencies in which encryption techniques are used to regulate the generation of their units and verify the transfer of funds, operating independently of a central bank.

The main accused had lured investors with promise of lucrative returns in a cryptocurrency scheme between 2017 and 2020, Palghar police's public relations officer Sachin Navadkar said. The accused had taken over Rs 26.32 lakh from the investors cash and cheques and had given them evasive replies when they sought returns, the official said.

While a case has been registered under sections 420 (cheating) rw 34 of the IPC with the Boisar police station, no arrests have been made so far, he added.