Andhra Pradesh fraud: Vizag couple duped of Rs 1.5 crore in crypto investment scam

VISAKHAPATNAM: A couple from Vizag has reportedly lost nearly Rs 1.5 crore in a cryptocurrency investment scam, highlighting the growing sophistication of cybercriminals targeting unsuspecting individuals with fraudulent online schemes.The accused, whose identities are yet to be confirmed, allegedly persuaded the couple to invest in USDT (Tether) by sending them a link to an online trading platform and assisting them in creating a login ID and password.The victims initially invested small amounts, and the scammers allowed them to withdraw minor returns, building their confidence. Believing the scheme was genuine, the couple eventually transferred ₹75 lakh and ₹69 lakh to various bank accounts across multiple transactions, expecting substantial profits.According to the complaint, the trading platform initially displayed a high balance with apparent profits. However, when the couple attempted to withdraw some USDT, their request was declined. They were then instructed to deposit 30% of their total balance as a “risk assessment security fee”.When they said they could not afford such a large payment, the platform changed its domain several times. Despite repeated assurances, neither the invested money nor the promised profits were returned.

Cybercrime police have registered a case of cheating and criminal breach of trust and launched an investigation.Cyber investment scams are increasingly being reported in Vizag and other parts of Andhra Pradesh. Fraudsters often lure victims—including tech-savvy youngsters—with offers of unusually high returns on fake investment opportunities.A senior officer from the cybercrime wing said police have been repeatedly advising the public not to trust 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,” he said.KEY POINTS