Vizag Techie Loses 20 Lakhs in Cryptocurrency Investment Scam
A 28-year-old software engineer from Visakhapatnam lost ₹20 lakh in an online investment scam. The victim was approached on WhatsApp by a woman named Khushi, who claimed to be a finance manager at Thornston and Ross. She promoted cryptocurrency trading through the platform www.netobit.com, showing screenshots of supposed profits to gain his trust.
The victim initially invested ₹60,000 in August 2026 and saw a profit of ₹4,000, which encouraged him to invest more. Over time, he transferred a total of ₹20 lakh in four installments of ₹5 lakh each using the OnRamp application. His Indian rupees were converted into Tether (USDT) and sent to a Trust Wallet address before being transferred to the Netobit.com trading platform.
The platform displayed growing profits, reaching about ₹58 lakh after multiple trades. However, when the victim attempted to withdraw his funds, the platform demanded a 15% processing fee, totaling approximately ₹9 lakh. Realizing the fraud, he filed a complaint with the cybercrime police, who registered a case under relevant provisions for cheating and identity theft.
The cybercrime police in Vizag are investigating the case, which involves cheating by personation using a communication device. The victim's experience serves as a cautionary tale about the risks of high-return investment promises and the importance of verifying the legitimacy of online trading platforms.