A Bengaluru man searching for a life partner through an online matrimonial platform has allegedly lost ₹35 lakh in a sophisticated cyber fraud that combined romance deception with a cryptocurrency investment scam. Investigators believe the victim was carefully manipulated over several weeks before being convinced to transfer large sums of money into a digital wallet linked to the accused.
The cybercrime authorities have launched a detailed probe into the digital wallet networks and financial transaction logs associated with the operation.
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Building Trust via Matrimonial Profiling
According to the complaint, Anil Kumar Saginalla had created a profile on a matrimonial website in the hope of finding a suitable marriage partner. Soon afterward, he was contacted by a man identified as Bhaskar Rao, who claimed to be based in Malaysia. The two began communicating regularly after exchanging contact details, establishing a consistent baseline of communication.
Investigators said a woman identifying herself as Lakshmi entered the conversation a few days later. She allegedly developed a close personal relationship with Anil and frequently discussed marriage and their future together. Over time, she gained not only the victim’s trust but also the confidence of his family members, creating an impression of a genuine relationship.
The Illusion of Profits on ‘Lumix Exchange’
The complaint states that Lakshmi eventually introduced Anil to cryptocurrency trading. She allegedly claimed that she had earned substantial profits through investments on an online platform called “Lumix Exchange.” Stressing the importance of financial planning before marriage, she reportedly persuaded him that investing would help secure their future together.
Initially cautious, Anil invested only ₹60,000. As the platform began displaying attractive returns and growing profits, he became convinced that the investment was legitimate. Encouraged by the apparent gains, he subsequently obtained loans from multiple banks and transferred nearly ₹35 lakh after converting the funds into cryptocurrency and depositing them into a wallet recommended by the accused.
Withdrawal Blocks and Continuous Extortion
The investment account later reflected holdings worth approximately 77,000 USDT, further reinforcing the victim’s belief that the investment was successful. However, when he attempted to withdraw either his profits or the principal amount, the platform allegedly blocked access to the funds. Instead, he was asked to pay additional charges, processing fees, and other payments before any withdrawal could be processed.
The victim further alleged that Lakshmi repeatedly sought money for personal expenses and often pressured him to transfer funds on a regular basis. In some instances, she allegedly requested around ₹30,000 per day. When Anil began questioning the investment and demanded the return of his money, communication suddenly ceased and all contact was reportedly cut off.
Expert Warnings on ‘Pig Butchering’ Scams
Realising that he had been deceived, the victim approached the cybercrime authorities and lodged a formal complaint. Investigators have since launched a detailed probe into the movement of funds, cryptocurrency transactions, digital wallets, and the online platform involved in the alleged fraud. Authorities are also examining whether an organised interstate or international cybercrime network may be behind the operation.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said that a growing number of cybercriminals are combining romance scams with fraudulent cryptocurrency schemes to exploit victims emotionally and financially. According to him, fraudsters often spend weeks or even months building trust before introducing investment opportunities that promise unusually high returns. He warned that individuals should never invest money based solely on recommendations from people they have met online, regardless of how trustworthy the relationship may appear, and advised potential investors to independently verify platforms before transferring funds.
