A couple from Visakhapatnam, commonly known as Vizag, has been defrauded of a staggering sum close to ₹1.5 crore in a highly sophisticated cryptocurrency investment scam. This incident underscores the alarming rise in complex cyber frauds targeting ordinary citizens through deceptive online schemes.
How the Elaborate Crypto Scam Unfolded
The unidentified fraudsters approached the couple and convinced them to invest in USDT (Tether). They provided a link to a fraudulent online trading platform and even assisted the victims in creating a login ID and password to appear legitimate.
To build trust, the scammers employed a classic tactic. The couple started with small investments and were permitted to withdraw minor returns. This false success convinced them of the scheme's authenticity. Subsequently, they transferred large sums of money—₹75 lakh and ₹69 lakh—across multiple transactions to various bank accounts, anticipating huge profits.
The Trap Springs Shut
Initially, the trading portal displayed a high balance showing apparent profits. However, when the couple attempted to withdraw some of their USDT, their request was denied. The platform then demanded they deposit 30% of their total balance as a "risk assessment security fee." When the victims expressed inability to pay this large amount, the scammers changed the platform's domain multiple times.
Despite repeated assurances from the accused, neither the principal investment nor the promised profits were returned. The Cybercrime police in Vizag have registered a case of cheating and criminal breach of trust and are investigating the matter.
Rising Tide of Cyber Investment Fraud
Such cyber investment scams are becoming increasingly common in Visakhapatnam and other regions of Andhra Pradesh. Fraudsters are luring victims, including tech-savvy young people, with promises of unusually high returns on fake investment opportunities.
A senior officer from the cybercrime wing reiterated public warnings against trusting social media posts or advertisements promoting online trading schemes. "If anyone wants to make an investment, they must visit the trading office and invest only after getting proper guidance," the officer advised.
Key Takeaways from the Incident:
- Police urge the public to be skeptical of promises for extraordinary profits.
- Scammers often provide small initial returns to build confidence before vanishing with larger investments.
- Individuals should avoid transferring money to unknown accounts shared by people claiming to represent financial institutions.
- The bank accounts used by such fraudsters are not linked to the genuine companies they impersonate.
- Victims of cybercrime can report incidents by calling the national helpline 1930.
