Five booked for defrauding insurance officer of ₹34L in crypto, forex scam

Mumbai: The Malad police have registered a case of fraud and embezzlement against five individuals accused of duping an insurance officer of ₹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 Junnarkar, an assistant manager at a private firm, resides in the Magathane area of Borivali. He first came into contact with one of the accused, Dilip Malap, four years ago while working in Malad. Over time, they became friends as Malap was a regular visitor to his office.

Gaining Junnarkar’s trust, Malap convinced him to invest in forex trading and cryptocurrency, promising lucrative returns of 18% interest. He then took Junnarkar to an office in Goregaon, where he introduced him to the other accused. During their discussions, Junnarkar was informed that since forex trading is not officially recognised in India, he would need to invest in cash.

Between 2021 and 2025, Junnarkar invested a total of ₹34 lakh. To maintain the illusion of legitimacy, the accused provided him with login credentials for a website where he could supposedly track his profits. However, when Junnarkar attempted to withdraw funds for his father’s medical treatment, he was informed that the money would remain locked for at least 20 months.

Upon realising he had been deceived, Junnarkar confronted the accused, who responded with evasions and excuses. Suspecting fraud, he approached the police, leading to the registration of a case against the five men. “We have booked the accused and are currently verifying financial transactions related to the case. Further investigations are underway to ascertain the full extent of the scam,” the officer added.