Mumbai, February 24: The Mumbai police recently arrested a 24-year-old man for allegedly cheating and duping people by promising them high returns on investing in bitcoins. The accused has been identified as Sahidul Ali Maulla. He was arrested from South 24 Paraganas, West Bengal. Cops said that the accused had made fake profiles of women on social media.

Talking about the accused's modus operandi, police officials said that Maulla used to befriend people by approaching them on social media before luring them to invest in bitcoins through him, reports Hindustan Times. The incident came to light when a 22-year-old woman, a student of Veermata Jijabai Technological Institute in Matunga, filed a complaint against the accused. Mumbai Shocker: Mother-Son Duo Try To Dupe LIC, Submit Fake Death Certificate To Claim Rs 2 Crore Insurance; Booked.

Keshav Wagh, police inspector said that the accused befriended the student and told her about him earning a lot of money through investment in bitcoin. "He asked her to invest through him to make profits and told her in just two hours she can get double her money and even shared some screenshots with her to gain her confidence. He used to also imitate on phone as a woman," he added.

Wagh said that the student invested around Rs 98,000 with him Following this, Maulla asked the student to invest more but when she demanded her money, the accused started avoiding her. Realising that she has been duped, the student approached cops and lodged a complaint against the accused. Online Fraud in Mumbai: Woman Duped of Rs 10 Lakh After Being Lured for Work From Home Scam and Bitcoin Investment.

Acting on the complaint, the police traced and arrested the accused with the help of his social media login address and bank account details. Meanwhile, cops have also launched a search to nab Maulla's co-accused. "It is a huge racket. They create social media accounts in the name of women to cheat people," said Deepak Chavan, senior police inspector of Matunga police station.

(The above story first appeared on LatestLY on Feb 24, 2023 08:56 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).