Lured by good returns on bitcoin trading, Thane man loses over Rs 77 lakh

A 36-year-old man from Maharashtra's Thane district has been cheated of more than Rs 77 lakh by a person after being assured of good returns by getting into bitcoin trading, police said on Monday.

The Kalwa police on Sunday registered a case against the unidentified accused under Indian Penal Code section 420 (cheating), an official from Kalwa police station said.

The accused lured the victim between April 2 and 8 this year, asking him to indulge in bitcoin trading for good returns, the official said quoting the victim's complaint.

The victim invested a total sum of Rs 77,91,090 from time-to-time, but did not got any return and also lost the invested amount, he said.

The man then filed a police complaint against the unidentified fraudster, the official added.