The Borivli police have booked a man, his brother, and their accomplices for allegedly duping multiple people of over R14 lakh under the pretext of investing in a cryptocurrency scheme. The complaint was filed by a 46-year-old businessman from Borivli West against the main accused, Pawan Kishin Gehi, his brother Jitendra Kishin Gehi, and their partners. According to the complainant, the accused cheated him and his friends of several lakhs of rupees under the pretext of investing in a cryptocurrency firm named DeFi AI. According to the victim, in 2018, they came in contact with Pawan, who introduced him and others to various investment plans, including cryptocurrency schemes.
According to the FIR, in June 2022, Pawan approached the complainant with a proposal to invest in DeFi AI. The accused showed him an investment application and claimed investors could earn in crores in US dollars. Believing the claims, the complainant initially arranged Rs 3.28 lakh in cash and gave it to Pawan for investment. Later, the victim made multiple online transfers totalling Rs 2.9 lakh to the bank account of Pawan’s wife, Khushboo Gehi, the complaint stated.
The complaint further stated that during social gatherings, the accused lured more investors, collecting large sums from him and his friends. Between June 2022 and December 2023, the accused allegedly collected Rs 14.54 lakhs in multiple installments, often in cash, from him and his associates. Initially, the complainant received screenshots of profits in dollars, but when the app stopped functioning, the accused allegedly gave vague excuses about “technical updates”. Eventually, they stopped communicating altogether.
Realising that he and others have been duped, the victim and his investor friends approached the Borivli police station and registered a complaint against Pawan, his brother Jitendra, and their accomplices for allegedly running a fraudulent cryptocurrency scheme. “Based on the complaint, we have registered a case under relevant sections of the Indian Penal Code for cheating and criminal breach of trust,” said a police officer. Police said that they have issued notices to the accused persons to remain present for the investigation.
