Abstract：A 28-year-old software professional from Visakhapatnam (Vizag) has lost ₹20 lakh to an online cryptocurrency investment scam, according to a Times of India report by Nalla Ram Babu. The victim, who works at a private company, was contacted on WhatsApp by a woman who identified herself as Khushi and claimed to be a finance manager at a firm called Thornston and Ross.
A 28-year-old software professional from Visakhapatnam (Vizag) has lost ₹20 lakh to an online cryptocurrency investment scam, according to a Times of India report by Nalla Ram Babu. The victim, who works at a private company, was contacted on WhatsApp by a woman who identified herself as Khushi and claimed to be a finance manager at a firm called Thornston and Ross.
ContentsHow the Scam Unfolded?
The woman told the victim she traded cryptocurrency through a website called www.netobit.com. To build trust, she sent screenshots showing purported trading profits and promised quick, high returns. Convinced, the victim made an initial investment of ₹60,000 in August 2026. The platform then displayed a profit of ₹4,000 on that amount.
After receiving trading signals and seeing what the report describes as artificial growth in his application wallet, the victim was persuaded to invest more money with promises of higher profits. He went on to invest ₹20 lakh in four instalments of ₹5 lakh each. The payments were made through the Immediate Payment Service (IMPS, a real-time bank transfer system in India) using the OnRamp application.
The Indian rupees were converted into Tether (USDT), a cryptocurrency whose value is designed to mirror the US dollar. The funds were transferred through a Trust Wallet address and then to a wallet address provided for trading on the Netobit.com website.
The Withdrawal Trap
The victim claimed that after multiple trades, the amount displayed on the platform increased to about ₹58 lakh. When he tried to withdraw the money from the Netobit website, the platform demanded a processing fee of 15% of the existing balance, amounting to approximately ₹9 lakh.
It was at this point that the victim realised the platform was fraudulent and that he had been duped. He immediately lodged a complaint on the cybercrime portal and subsequently filed a formal complaint seeking legal action against the unidentified individuals responsible for the online fraud.
Police Investigation
Based on the complaint, the cybercrime police in Vizag city registered a case under relevant provisions pertaining to cheating, identity theft and cheating by personation using a communication device. Further investigation is under way.
The report does not name the victim, state the exact date the complaint was filed, or specify the police station beyond the cybercrime unit in Vizag city. It also does not say whether any funds were recovered, whether arrests have been made, or whether Thornston and Ross, Netobit.com, or the messaging platform have responded to the allegations. The initial investment is dated August 2026, while the article was published on 4 October 2026.
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