A businessman from the Mahmoorganj area has allegedly been duped of over ₹1.25 crore in a cryptocurrency investment scam that began through a fake Instagram profile. A case has been registered at the Cyber Crime Police Station, and an investigation is underway.
Trust built from Instagram to WhatsApp
The victim, Rohit Dodwani, a resident of Jhulelal Nagar, told police that he was contacted on December 14 by an Instagram user named “Mahika Arushi Sharma.” The person later shared a WhatsApp number and promised high returns through cryptocurrency trading.
After gaining his confidence, the accused sent a login link and guided him through the supposed investment process.
Investments made in USDT
Between December 19 and February 9, the businessman transferred funds in multiple transactions, investing more than ₹1.25 crore to purchase USDT (Tether) on what appeared to be an online trading platform. The platform displayed notional profits, encouraging him to invest further.
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More money demanded for withdrawal
When he attempted to withdraw his funds, the request was blocked. He was told that an additional fee was required to process the withdrawal. He paid around ₹1.25 lakh more, but the withdrawal still did not go through.
He was then pressured to invest even more money.
Realisation and complaint
After discussing the matter with acquaintances, the victim realised he had been defrauded. The Instagram account and WhatsApp number were subsequently deactivated. He then filed a complaint with the cyber police.
Cyber probe underway
Investigators are analysing digital transaction trails, crypto wallet addresses, bank accounts, and IP logs. Authorities are also examining whether the fraud is linked to an inter-state or international cybercrime network.
Common modus operandi
According to cyber experts, such scams typically involve:
- Contact through fake social media profiles
- Promises of unusually high returns
- Fake trading dashboards showing fabricated profits
- Repeated demands for “withdrawal fees”
- Sudden disappearance of the fraudsters
Police advisory
Cyber police have urged the public to:
- Avoid trusting unknown social media investment offers
- Not log in through links sent by strangers
- Use only verified and regulated crypto exchanges
- Stop investing immediately if withdrawals are blocked
- Report fraud promptly via the 1930 helpline or the cyber crime portal
Officials said that with the rise in digital investments, vigilance remains the most effective safeguard against such financial frauds.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
