A couple from Visakhapatnam, commonly known as Vizag, has been defrauded of approximately Rs 1.5 crore in a sophisticated cryptocurrency investment scam. This incident underscores the evolving tactics of cybercriminals who prey on unsuspecting individuals with promises of extraordinary financial gains.
How the Elaborate Crypto Scam Unfolded
The fraudsters, whose identities remain undisclosed, approached the couple with a lucrative proposition. They convinced the victims that they could earn high profits by investing in USDT (Tether), a type of cryptocurrency. The scammers sent a link to a fake online trading platform and even guided the couple through the process of creating a login ID and password to appear legitimate.
Initially, the couple invested small amounts. To build trust, the criminals allowed them to withdraw minor returns on their investment. Encouraged by this false success, the victims proceeded to transfer larger sums, amounting to Rs 75 lakh and Rs 69 lakh, across multiple transactions to various bank accounts provided by the scammers.
The Trap is Sprung: Vanishing Funds and Domains
The trading platform displayed a balance showing substantial profits, further lulling the couple into a false sense of security. However, the scam was revealed when they tried to withdraw some of their USDT. Their withdrawal request was abruptly rejected.
The fraudsters then demanded the couple deposit 30 per cent of their total balance as a "risk assessment security fee." When the victims expressed their inability to pay this enormous additional sum, the scammers began changing the platform's domain multiple times. Despite repeated assurances, neither the principal investment nor the promised profits were returned, leaving the couple Rs 1.5 crore poorer.
Police Action and a Rising Trend of Cyber Fraud
The Cybercrime police in Vizag have registered a case under charges of cheating and criminal breach of trust and have launched a full investigation. Authorities note that such cyber investment scams are becoming an alarming trend not just in Visakhapatnam but across several parts of Andhra Pradesh.
A senior officer from the cybercrimes wing stated that these fraudsters use various tempting offers to deceive people into fake investment opportunities. He emphasized that victims now include tech-savvy youngsters as well, who are lured by the promise of high returns in the digital asset space.
Official Advisory to Prevent Financial Fraud
The police department has issued a strong advisory urging the public to exercise extreme caution:
- Do not believe unsolicited investment posts or advertisements on social media.
- If interested in an investment, physically visit the trading office and invest only after receiving proper, verified guidance.
- Be wary of promises of extraordinary profits with little risk.
- Avoid transferring money to unknown bank accounts shared by individuals claiming to represent financial institutions.
- Remember that bank accounts shared by unknown persons are in no way connected to legitimate financial companies.
The officer warned that scammers often use initial small returns as bait to attract larger investments. Once a victim attempts to withdraw a significant sum, the fraudsters disappear. Citizens can report such cybercrimes by calling the national helpline number 1930.
