Cryptocurrency : Investment Scam Exposes Garment Trader to Massive Financial Fraud
Cryptocurrency: A major financial fraud case has come to light after a garment trader from Mumbai was allegedly cheated of nearly ninety lakh rupees under the false promise of high-profit returns through cryptocurrency-based garment trading. The case highlights how trust, overseas business connections, and digital currency were misused to execute a well-planned economic offence. Acting on the complaint, the MIDC Police initiated an investigation that has so far led to multiple arrests, while several accused individuals are still absconding.
Background of the Case
The complainant, Rajesh Bambhania, is a well-known textile trader living in the Vile Parle area of Mumbai. He runs a garment manufacturing unit named Only Basic located in Ghatkopar. In mid-2025, as part of his routine business expansion activities, he traveled to Guangzhou, China, where he explored opportunities related to garment fabrics and accessories. During this visit, he met Peter Xu, who projected himself as a wholesale dealer dealing in large-scale garment materials and accessories. Xu showed interest in collaborating and hinted at lucrative international trade prospects.
Introduction to Cryptocurrency-Based Trading
Around the same time, Bambhania was introduced by his cousin to Dhruv Mehta, another garment trader based in India. Mehta claimed that he had successfully shifted a major part of his garment trading transactions to cryptocurrency platforms and was earning significantly higher profit margins. He repeatedly emphasized that digital currency transactions were faster, more profitable, and widely accepted in international trade circles.
Gradually, Mehta gained Bambhania’s confidence by sharing success stories and projected returns. He further claimed that several traders were already benefiting from this system and encouraged Bambhania to participate to scale his business rapidly.
Planning the Investment
To strengthen his claims, Mehta contacted Peter Xu in China and discussed the feasibility of cryptocurrency transactions for garment trading. Xu also supported the idea and assured Bambhania of substantial returns. Convinced by both parties, Bambhania decided to invest a large sum as an initial step into cryptocurrency-based garment trade.
As per the plan, Bambhania, along with his brother Alpesh Patel, visited the office of a private firm in Andheri. At the office, Mehta introduced him to several individuals, including Anthony Chettiyar alias Anthony Sahil, Amjad Ali Sheikh, Ajgar Hussain, Sheikh Ashpak, Manoj Prajapati, and Mohammed Tausim Khan. These individuals were presented as associates handling cryptocurrency transfers and trade execution.
Transfer of Money and False Assurances
During the meeting, Mehta instructed Bambhania to hand over the investment amount to Anthony Chettiyar. He assured that once the cash was received, cryptocurrency would be transferred immediately through a QR code-based process. Trusting these assurances and believing the transaction to be genuine, Bambhania handed over ninety lakh rupees in cash.
However, contrary to what was promised, the accused transferred cryptocurrency worth only one lakh USDT after a significant delay. This partial transfer immediately raised suspicion.
Realisation of Fraud
When Bambhania tried to contact Mehta and the other individuals to question the incomplete transaction, they stopped responding to calls and messages. Soon after, their mobile phones were switched off, and all communication channels were cut. It became evident that the entire operation was a planned deception aimed at misappropriating the invested funds.
Realising that he had been cheated, Bambhania approached the MIDC Police and filed a detailed complaint outlining the sequence of events and naming all the individuals involved.
Police Action and Arrests
Based on the complaint, the police registered a case under relevant sections related to cheating and criminal breach of trust. A thorough investigation was launched, which included tracking financial movements, verifying cryptocurrency transactions, and locating the accused.
Within a month, the police arrested Anthony Chettiyar, Sohail Khan, and Amjad Ali Sheikh. During interrogation, their involvement in the offence was confirmed. They were subsequently produced before the court and remanded to police custody for further investigation.
Ongoing Investigation and Search for Absconders
The police have declared Dhruv Mehta, Ajgar Hussain, Sheikh Ashpak, Mohammed Tausim Khan, and Manoj Prajapati as wanted accused. Search operations are ongoing to trace their whereabouts. Investigators believe that the fraud was executed in a systematic manner, with clear division of roles among the accused.
Authorities are also examining whether similar frauds have been committed using the same method and if other victims may have been targeted using cryptocurrency-related promises.
Growing Concern Over Digital Investment Frauds
This case serves as a serious reminder of the risks associated with unverified digital currency investments, especially when large cash transactions are involved. Law enforcement agencies have urged business owners and investors to exercise caution, verify credentials thoroughly, and avoid deals that promise unusually high returns without transparent mechanisms.