Daijiworld Media Network - Mumbai

Mumbai, Feb 22: Days after the Torres Jewellery investment fraud surfaced, a similar scam involving the cryptocurrency ‘Coin ZX’ has been uncovered in Mumbai.

The Kasturba Marg police have registered a case against Ravi Mahaseth, managing director of Coin ZX, and five others for allegedly deceiving investors with false promises of high returns. The fraud is estimated to be around Rs 200 cr, with victims across the country.

A Borivali-based businessman filed the complaint after learning that Mahaseth had fled to Dubai. He and his friends invested lacs, believing Coin ZX to be ‘India’s Bitcoin.’ Investors were given fake website login credentials to track their investments, while the company accepted only cash, citing regulatory loopholes.

Police revealed that Mahaseth reassured investors even when legal troubles arose in 2023. By late 2024, he had shut his Mumbai office and stopped responding to inquiries. A similar case has also been registered against him in Hyderabad.

Authorities are investigating further while efforts are underway to trace the accused.