A 30-year-old Kurla trader was allegedly duped of Rs 7.5 lakh in a cryptocurrency investment scam after being promised returns of up to 45% a month. Kurla police have booked eight people under the BNS and IT Act after the trader allegedly made multiple cash payments for USDT investments but received neither profits nor his money back.

A Kurla trader allegedly lost Rs 7.5 lakh after being lured into a USDT investment scheme promising unusually high monthly returns | AI Generated Representational Image

Mumbai, October 5, 2026: A 30-year-old stock and cryptocurrency trader from Kurla was allegedly cheated of Rs 7.5 lakh by a group of cyber fraudsters who lured him into investing in USDT through a company identified as FLOWX PROTOCOL Pvt. Ltd., promising returns of up to 45 per cent a month.

The Kurla police have registered a case against eight persons under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act and have launched an investigation.

Trader Lured Through Telegram

According to the FIR, the complainant, Manendrasingh Bhupendrasingh Chauhan, originally from Bhopal, came across the website flowxprotocol.io in February 2026 while searching online for cryptocurrency investment opportunities. On March 5, he allegedly joined a Telegram channel linked to the website and submitted his personal details through an online inquiry form.

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He was subsequently contacted through Telegram and allegedly told that the company offered cryptocurrency investment opportunities. The accused allegedly claimed that investors could earn 1.5 per cent daily, translating to around 45 per cent monthly, by investing in USDT.

Investments Made In Cash

Attracted by the offer, Chauhan attended online seminars where alleged business associates Vedprakash Sahu, Daulatsingh Sahu, Brajesingh Bisel, Rajan Virendrasingh and Gulafsha Hussain purportedly explained the investment scheme and the company's business.

On March 15, Chauhan allegedly discussed the scheme with Vedprakash Sahu and Daulat Singh Sahu, who were introduced to him as the company's founders. After making inquiries, he initially agreed to invest Rs 5 lakh. However, he was allegedly told that investing Rs 10 lakh would help him earn higher returns.

According to the FIR, the accused later instructed Chauhan to hand over cash, claiming it would be converted into USDT and deposited into a Trust Wallet, after which it would allegedly be linked to his company account.

Chauhan allegedly handed over Rs 2 lakh in cash to accused Vivek Agrawal at Mill Road, Kurla, on May 25. Later, on June 17, he allegedly paid another Rs 5 lakh to Ishwarchandra Verma and Agrawal in Kurla West. He was subsequently asked to pay an additional Rs 50,000, which was allegedly collected by Shailendra Sharma for creating the company ID.

Police Probe Investment Network

The accused allegedly continued demanding an additional Rs 2.5 lakh. When Chauhan refused, neither the promised profits nor his invested money was returned, the FIR states.

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After suspecting fraud, Chauhan filed a complaint through the 1930 cybercrime helpline and later approached the Kurla police. Police are now investigating the alleged investment network, the role of the eight accused and the flow of the money collected from the complainant.

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