A Rajkot-based businessman has approached the police alleging that he was cheated of Rs. 13.71 lakh after being lured by promises of unusually high returns on a cryptocurrency investment. The complaint names three individuals, accusing them of fraud, criminal intimidation, and caste-based abuse. According to the police filing, the transaction involved the purchase of USDT through informal channels, with assurances of quick profits or same-day credit that never materialized. The case underscores growing concerns around unregulated crypto dealings, where opaque transactions and trust-based arrangements expose investors to significant financial and personal risk.
Complaint Filed Over Alleged Crypto Fraud
A 45-year-old businessman from Rajkot has lodged a formal complaint at the Pradyuman Nagar police station, alleging that he was defrauded of Rs. 13.71 lakh under the guise of a cryptocurrency investment scheme. The complainant, Mohan Chandpa, has accused Harshdeep Khachar, Jayveer, and Uka of orchestrating the alleged fraud and subsequently intimidating him when he demanded the return of his money.
Police officials confirmed that the complaint has been registered and an investigation is underway to verify the financial trail and the roles of the accused.
Promise of High Returns Raises Red Flags
According to the complaint, Chandpa was introduced to Khachar around a month ago. Khachar allegedly offered returns ranging from 3% to as high as 30% on investments in cryptocurrency, specifically USDT, a dollar-pegged digital token commonly used in crypto trading.
Such assurances of consistently high returns are increasingly viewed by financial experts as warning signs, particularly in volatile and largely unregulated segments of the digital asset market.
Transfer of Funds and Breakdown of Trust
Chandpa stated that on Dec. 2, he transferred Rs. 13.71 lakh through an angadia to an individual named Hardik for the purchase of 15,000 USDT. He was allegedly assured that either the promised profit would be paid or the digital tokens would be credited to his account by the same evening.
When neither occurred, Chandpa contacted the accused repeatedly. He was later asked to meet them at a hotel on the 150 Feet Ring Road, where, according to the complaint, the accused refused to return the money.
Allegations of Threats and Caste-Based Abuse
The complaint further alleges that during the meeting, Chandpa was verbally abused, threatened with death, and insulted on the basis of his caste. He also claimed that he received threatening phone calls from another accused, Jayveer, after pressing for repayment.
These allegations add a serious dimension to the case, extending it beyond financial fraud to include criminal intimidation and violations under special protective legislation.
Legal Provisions Invoked
Police have registered the case under Sections 318(4), 351(2), 352, and 3(5) of the Bharatiya Nyaya Sanhita (BNS), along with relevant provisions of the Scheduled Castes and Scheduled Tribes (Prevention of Atrocities) Act.
Investigators are now examining transaction records, communication trails, and witness statements to determine the extent of the alleged offence and establish accountability.
Broader Implications for Crypto Investors
The case serves as a cautionary tale for individuals engaging in cryptocurrency investments through informal or trust-based arrangements. As digital assets gain popularity, law enforcement agencies continue to warn investors against schemes promising guaranteed or unusually high returns, particularly those operating outside regulated platforms.
Authorities have reiterated the need for due diligence and financial literacy, noting that the absence of regulatory safeguards in such transactions often leaves investors vulnerable to both financial loss and coercion.
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