Mumbai Businesswoman Allegedly Duped of ₹1.5 Crore in Cryptocurrency Scam

Nagpur Businesswoman Allegedly Loses ₹1.48 Crore in Cryptocurrency Investment Fraud

Nagpur: A 46-year-old businesswoman from Besa has approached the police alleging that she was cheated of ₹1.48 crore in an alleged cryptocurrency and multi-level marketing (MLM) investment fraud involving the controversial cryptocurrency Platincoin, reportedly linked to Dubai.

The complainant, Vaishali Kodhe, who operates a mineral water plant, lodged an FIR at Sitabuldi Police Station. According to her complaint, she was allegedly introduced to the investment scheme in November-December 2020 by Dubai-based accused Rajendra Upadhyay (47), Sanjay Gade (48) and Yogesh Bhalerao.

The accused allegedly promised Kodhe extraordinary returns, including 60-100% profits within days, a monthly royalty of ₹20 lakh for three years, a luxury car and “diamond position” rewards. They reportedly claimed that the cryptocurrency was associated with a German-origin company operating from Dubai and headed by an individual identified as Alex Reinhart.

According to the complaint, the accused repeatedly persuaded Kodhe to invest, allegedly taking advantage of the financial uncertainty during the Covid-19 pandemic. She subsequently mortgaged her three-acre farmland and obtained a loan of around ₹1.5 crore before transferring ₹1.48 crore into various bank accounts and cryptocurrency wallets allegedly provided by the accused.

Her complaint states that she later reinvested bonuses and other amounts, taking her total financial exposure to approximately ₹2.67 crore.

Initially, the accused allegedly returned around ₹55 lakh in instalments until April 2024, which the complainant claims was used to build confidence. However, she alleged that the accused subsequently stopped responding to her calls and blocked her number. When she sought repayment, she was allegedly given various reasons, including a fall in the cryptocurrency’s value and references to new launches such as Ultima Coin.

The alleged fraud reportedly affected other investors as well. According to the complaint, Mahendra Tirpude, another Nagpur investor, allegedly lost around ₹90 lakh, while the total amount allegedly involving other investors exceeded ₹1.32 crore.

Police have registered a case against the accused under the sections cited in the FIR, including cheating, criminal breach of trust and common intention, along with relevant provisions of the Information Technology Act. The investigation is underway.

The allegations mentioned above are based on the complaint and police case; the accused have not been convicted by a court.