A 28-year-old software professional from Visakhapatnam has allegedly lost Rs. 20 lakh in an online cryptocurrency investment scam after being persuaded to transfer funds to a trading platform that displayed artificial profits.
According to the complaint, the victim was contacted on WhatsApp by a woman identifying herself as ‘Khushi,’ who claimed to be a finance manager at Thornston and Ross. She told him she traded cryptocurrencies through Netobit.com and shared screenshots purportedly showing profitable trades.
Rs. 60,000 Investment Leads to Larger Transfers
The victim initially invested Rs. 60,000 in August 2026. The platform subsequently displayed a Rs. 4,000 profit, helping build confidence in the purported investment opportunity.
After receiving trading signals and seeing his displayed wallet balance increase, he was allegedly encouraged to invest larger amounts with promises of higher returns.
According to the complaint, the tech professional eventually transferred Rs. 20 lakh in four instalments of Rs. 5 lakh each through IMPS using the OnRamp application.
The funds were converted into Tether (USDT) before being transferred through a Trust Wallet address and subsequently to a wallet address provided for trading on Netobit.com.
Platform Shows Rs. 58 Lakh, Demands Rs. 9 Lakh Fee
Following multiple purported trades, the victim’s account displayed a balance of approximately Rs. 58 lakh. Problems emerged when he attempted to withdraw the funds.
The platform allegedly demanded a 15% processing fee, equivalent to approximately Rs. 9 lakh, before permitting the withdrawal.
The additional payment demand prompted the victim to conclude that the investment platform was fraudulent. He then filed a complaint through India’s cybercrime portal and subsequently approached Vizag cybercrime police.
Police registered a case under relevant provisions relating to cheating, identity theft and ‘cheating by personation using a communication device.’ Further investigation into the unidentified individuals involved is underway.
The case highlights a common pattern in online investment fraud: scammers display artificial profits to encourage increasingly large deposits before demanding additional fees when victims attempt withdrawals.
Also Read: RBI Governor Explains Why India Remains Cautious on Cryptocurrencies
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