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Policeman, 5 others booked in cryptocurrency cheating case in Gujarat

Gangani, in his complaint, told police that he, along with his family, invested Rs 14 crore in the cryptocurrency offered by a firm called NCR Coin LLP.

india Updated: Jun 24, 2018 20:20 IST
Press Trust of India
Press Trust of India
Press Trust of India, Surat
cryptocurrency,Gujarat,cryptocurrency cheating case
A visual representation of the digital cryptocurrency Bitcoin, in Tel Aviv. (AFP File Photo)

A police inspector and five others were booked for allegedly cheating a builder of Rs 14 crore by luring him to invest in a cryptocurrency scheme, police said on Sunday.

A senior official said that Surat-based builder Chetan Gangani lodged a complaint with Sarthana police station in Surat that he was lured into investing in a company, called NCR Coin LLP, that dealt with cryptocurrencies.

Gangani, in his complaint, claimed that the company offered attracting schemes to invest in its cryptocurrency through websites like,, and

He further told police that he, along with his family, invested Rs 14 crore in the cryptocurrency offered by the firm.

The money he had invested, however, was not returned as per the provisions of the scheme told to him, police said quoting his complaint.

Later, when Gangani complained about the issue to people connected with the firm, he was called to different cities to work out a solution.

He was then threatened that he would be kidnapped if he did not keep mum on the issue, Gangani said in his police complaint.

The matter has now been transferred to the Crime Branch for further probe, officials said.

“The complainant was not getting returns on his investment as per the schemes opted by him. He had raised an objection with the company saying its cryptocurrency was not registered,” said Surat ACP (Crime Branch) R R Sarvaiya.

The official said that six persons, named in Gangani’s complaint, have been booked Saturday for cheating by impersonation and criminal breach of trust under the IPC and relevant sections of the Information Technology Act have also been invoked.

Sections of the Prize Chits and Money Circulation Schemes Banning Act have also been added, he said.

Sarvaiya identified the six persons as police inspector L B Dabhi, posted at Kamrej police station in Surat, Rohit Kapopara, Altafbhai, Rahul, Nizar and Umesh.

“We are yet to ascertain the role of the accused named in the FIR. As far as the police inspector is concerned, it is learnt that some cryptocurrency was transferred into his account. Investigations currently underway will give a clear picture,” Sarvaiya said.

The ACP added that no arrests have been made in the case so far.

First Published: Jun 24, 2018 20:20 IST