More than a month after a prominent Pune-based skin specialist and his friend lost ₹1.71 crore in a cryptocurrency scam, the Chatushrungi police arrested the accused on Friday. The scam, orchestrated by a Jaipur-based doctor, has shocked the medical community and sparked a broader investigation into potential financial fraud.
The accused doctor, now in judicial custody until April 2, will face a detailed investigation. The police plan to examine his financial dealings, digital records, and communication with other potential victims. They aim to uncover whether the doctor executed similar frauds in the past and identify all the people he may have deceived.
How It All Began: A Friendship Turned Sour
The complainant, a 54-year-old dermatologist who runs a successful skin clinic in Baner, met the accused back in 2019. A mutual friend introduced them in Jaipur, where both had studied at SMS Medical College. Their common educational background and profession led to a close friendship. Over the years, the Jaipur doctor frequently visited Pune, often seeking dermatological care.
Between 2022 and 2024, the Jaipur doctor underwent several skin tightening and anti-ageing treatments at the Baner clinic. The treatments helped the accused gain the Pune doctor’s trust. During these visits, he introduced cryptocurrency as a new and lucrative investment opportunity.
The Trap: Promises of Big Returns
In August 2022, the accused persuaded the Pune doctor to invest ₹10 lakh in cryptocurrency. Soon after, he claimed the investment had grown to ₹25 lakh. These impressive returns encouraged the dermatologist to consider further investments. The accused used this fabricated success story to lure the doctor deeper into the scheme.
Trusting his old friend and the promise of high returns, the doctor introduced another friend to the accused. Convinced by the same false assurances, the second victim invested ₹1.49 crore between September 1, 2024, and the following months. The accused provided constant updates, claiming massive profits, and continued to demand more funds under the pretext of reinvestments.
The Turning Point: Unpaid Bills and Broken Promises
After receiving multiple cosmetic treatments, the accused racked up a medical bill of ₹2 lakh. When the dermatologist asked him to pay the bill, the accused gave an unexpected response. He said he had reinvested the amount into cryptocurrency and promised to return the full sum, along with earlier investments, soon.
However, the repayments never came. When the victims followed up repeatedly, the accused changed his tone. Instead of settling the dues or returning the investments, he started avoiding calls and messages. Then came the threats.
The dermatologist reported that the accused issued death threats and hurled verbal abuse when they confronted him. He not only refused to return the money but also used intimidation to silence them. The victims realized the gravity of the situation and approached the Chatushrungi police.
The Arrest: Justice Begins to Catch Up
After weeks of investigation, the police arrested the Jaipur doctor on Friday. They produced him before a magistrate, who remanded him to judicial custody till April 2. This timeframe will give the police a chance to probe deeper into the case.
Assistant Inspector Sachin Karande told Punekar News, “The accused used to visit the dermatologist’s clinic for treatment. Over time, he gained their trust and convinced them, along with two of their friends, to invest in cryptocurrency, promising lucrative returns.”
Another officer confirmed that the investigation would focus on the accused’s financial transactions, chat histories, and other digital evidence. Authorities suspect the doctor may have duped several other individuals using a similar method.
A Darker History: The Accused’s Criminal Past
This isn’t the first time the Jaipur doctor has faced criminal allegations. Police records reveal that the accused has several pending cases, including those related to extortion and rape, in Jaipur. These serious charges raise questions about how he continued to operate freely and interact with unsuspecting victims, especially in different cities.
The Pune police are now coordinating with their counterparts in Jaipur to consolidate the criminal history of the accused and ensure that justice is served across jurisdictions.
The Bigger Picture: Cryptocurrency and Fraud
This incident highlights the increasing use of cryptocurrency as a tool in financial scams. Fraudsters often exploit the general public’s limited understanding of digital assets, promising huge returns and bypassing regulatory scrutiny. Since cryptocurrency investments often operate in decentralized and less-regulated spaces, tracing fraud becomes more difficult for authorities.
In this case, the accused used personal relationships and trust to exploit victims emotionally and financially. The scam didn’t rely on anonymous online schemes but rather real-world connections. That makes it even more disturbing and dangerous.
Police have issued a warning to the public: “Exercise extreme caution before investing in cryptocurrency. Always verify the scheme, check the credentials of the person promoting it, and avoid handing over large sums without legal documentation.”
Lessons for Investors
This case serves as a grim reminder for investors, especially those unfamiliar with digital assets. Here are some lessons from the Pune crypto scam:
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Avoid informal investments: Always insist on formal agreements and receipts.
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Verify credentials: Even if you trust someone, double-check their financial and criminal background before investing.
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Don’t invest emotionally: Avoid making investment decisions based on personal relationships.
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Seek legal advice: Before investing large sums, consult a lawyer or financial advisor.
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Be wary of guaranteed returns: High, fast returns are often too good to be true.
The Road Ahead
The Chatushrungi police continue to gather evidence. If more victims come forward, the scope of this investigation could expand dramatically. Authorities have encouraged anyone with similar complaints to step up and register their cases.
Meanwhile, the dermatologist and his friend await justice, hoping the legal system will help them recover their hard-earned money. Their story underscores the need for awareness, skepticism, and stronger regulations in the evolving world of cryptocurrency.
As the investigation unfolds, the case not only brings attention to the dangers of unverified investments but also shows how even highly educated professionals can fall prey to emotional manipulation and financial deceit.
