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A case of cyber fraud involving cryptocurrency investments has come to light in Barabanki, where an Agra-based businessman was allegedly cheated of ₹34 lakh in the name of investing in USDT. The fraudsters reportedly promised high and quick returns, displayed fake profits to gain confidence, and later disappeared after inducing the victim to transfer a large sum. Following a complaint, a case has been registered at the cyber police station and an investigation is underway.
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According to the complaint, the investment was made through an entity that projected itself as a private company, with its office address listed in a residential locality of Barabanki. The address and online presence were used to create an impression of legitimacy, which eventually persuaded the victim to invest substantial amounts.
The businessman, a resident of Agra, stated that he was first contacted around six weeks ago through a social media platform. A woman initiated the conversation, claiming to be associated with a private business venture and promoting daily profits through investments in the USDT market. She further informed him that an experienced online trading advisor would guide him through the investment process.
Subsequently, the victim was connected to another individual who introduced himself as a senior trading consultant. He explained the investment mechanism in detail and assured the victim of attractive returns. To build trust, the businessman was encouraged to start with a small amount. On the very first day, an investment of ₹10,000 was shown to have generated a profit of ₹2,000. This was followed by another investment of ₹50,000, which allegedly reflected significant gains within a few days.
Encouraged by the apparent profits, the victim was gradually persuaded to invest more. Each time, the fraudsters cited higher returns and limited-time opportunities to push for additional transfers. Over the course of a few weeks, the total amount invested rose to ₹34 lakh, all of which was transferred digitally as instructed by the accused.
The businessman alleged that when he later attempted to sell the USDT and withdraw his money, the process repeatedly failed, citing technical errors. Despite multiple attempts, the system continued to display error messages. On contacting the individuals involved, he was initially given vague explanations and reassurances. Soon after, all communication channels were blocked and the accused became completely unreachable.
It was at this stage that the victim realised he had fallen prey to a cyber scam. He then approached the cyber police station with details of the transactions, mobile numbers used by the accused, chat records and other digital evidence. Based on the complaint, an FIR was registered and a detailed investigation was initiated.
Sources associated with the probe said that teams are examining suspicious bank accounts, mobile numbers, social media profiles and digital wallets linked to the fraud. Investigators are also trying to determine whether the racket operates across multiple states or has international links, and whether more victims may be involved.
Cyber security experts have reiterated that claims of “fixed daily profits” or “guaranteed returns” in the name of USDT or other cryptocurrencies are a clear red flag. USDT, a stable cryptocurrency, is primarily used as a medium of digital exchange and for value stability, not as an instrument that assures regular income.
Police have urged citizens to remain cautious of investment offers received through social media or messaging applications and to verify the authenticity of any platform or entity before transferring funds. They have also advised investors to report suspicious activity at the earliest to prevent further losses.
The investigation is ongoing, and officials said efforts are being made to trace the digital trail left by the accused in the hope of identifying and apprehending those responsible for the fraud.
About the author – Ayesha Aayat is a law student and contributor covering cybercrime, online frauds, and digital safety concerns. Her writing aims to raise awareness about evolving cyber threats and legal responses.
