Visakhapatnam: A 28-year-old software professional in Visakhapatnam has allegedly lost ₹20 lakh after falling for a cryptocurrency investment scheme that promised substantial returns through an online trading platform.
The fraud reportedly began in August 2026, when the victim was contacted on WhatsApp by a woman who identified herself as Khushi and claimed to work as a finance manager at Thornston and Ross. She allegedly told him she was involved in cryptocurrency trading through the website Netobit.com and shared screenshots showing what appeared to be profitable trades.
The victim initially invested ₹60,000, following which the platform reportedly showed a profit of around ₹4,000. The apparent gains, along with trading signals sent to him, helped convince him that the platform was legitimate.
He subsequently increased his investment, transferring ₹20 lakh in four instalments of ₹5 lakh each through the OnRamp application. The money was converted into USDT, a cryptocurrency designed to maintain a value close to the US dollar, and transferred through cryptocurrency wallets before being sent to an address associated with the trading platform.
As the purported trades continued, the amount displayed in his account rose sharply. At one point, the platform showed a balance of approximately ₹58 lakh, giving the impression that the investment had generated substantial profits.
The situation changed when the victim attempted to withdraw the money.
Instead of allowing the withdrawal, the platform allegedly demanded a 15% processing fee, which worked out to nearly ₹9 lakh on the displayed balance. The additional demand made the victim suspicious, and he realised that the trading profits shown on the platform could potentially be fabricated.
He did not make the additional payment and approached the authorities. He first reported the incident through the cybercrime portal and later filed a formal complaint seeking action against those behind the alleged fraud.
Based on the complaint, Visakhapatnam cybercrime police registered a case under relevant provisions dealing with cheating, identity theft and cheating by personation using a communication device. Police have begun investigating the transactions, digital wallets and individuals allegedly involved in the operation.
The case reflects a common pattern in online investment fraud, where victims are first shown small or apparently genuine returns before being encouraged to commit larger sums. Fake profits displayed on trading platforms can then be used to persuade victims to invest further or pay additional charges to access their money.
Reader’s Note: Promises of unusually high or quick returns should be treated with caution, particularly when investments are promoted through unsolicited WhatsApp messages or unfamiliar trading platforms. A balance displayed on an investment website does not by itself establish that the money is genuine or withdrawable. Before investing, verify the platform and the credentials of the people promoting it, and be particularly cautious if you are asked to pay additional fees to release your supposed profits.
