Amreli Businessman Defrauded of Rs 93 Lakh in Sophisticated USDT Cryptocurrency Scam
In a distressing case of digital fraud, a 52-year-old businessman from Amreli district, Gujarat, has reportedly been cheated of approximately Rs 93 lakh in a sophisticated USDT cryptocurrency investment scam. The victim, identified as Mahesh Bhayani from Navania village in Babra taluka, fell prey to the scam after responding to a WhatsApp message from an unknown number, highlighting the growing risks of unsolicited digital communications.
Complaint Filed Against 'Neha Sharma' and Accomplices
Bhayani has lodged a formal complaint at the Amreli Cybercrime police station against a woman using the alias 'Neha Sharma', who allegedly operated an investment website, along with the holders of several bank accounts and other unidentified individuals. According to the complaint, the initial contact was made on September 25, with the sender claiming the message was sent by mistake. This seemingly innocent error soon escalated into regular communication, setting the stage for the elaborate fraud.
How the Scam Unfolded: From Fabric Factory to Crypto Trading
The scammer, posing as Neha Sharma, first engaged Bhayani in casual conversation, enquiring about his business and falsely claiming to own a fabric factory and showroom. Gradually, the discussions shifted to the stock market and cryptocurrency trading, with Sharma promoting an online platform called 'Kanakdham Exchange'. She assured Bhayani that trading through this platform would yield high returns, advising him to start with a small investment and increase it incrementally after witnessing profits.
Following her instructions, Bhayani created an account using a registration link sent via WhatsApp and made an initial investment of Rs 51,000. Sharma continued to provide trading tips through WhatsApp, which Bhayani diligently followed, building a false sense of trust and legitimacy.
False Profits and Financial Drain
In October, the platform displayed returns of over Rs 7 lakh on four transactions, further bolstering Bhayani's confidence. However, when he attempted to withdraw his principal and profits, he was instructed to pay various taxes and charges, a common tactic in such scams to extract more money.
To meet these demands and continue investing, Bhayani took drastic financial steps:
- A bank loan of Rs 25 lakh
- A loan of Rs 17 lakh from a finance company
- Transferred funds from the current account of his stone-crushing firm, Jay Khodiyar Enterprise
Massive Losses and Police Investigation
Between October 11, 2025, and January 3, 2026, Bhayani transferred a total of Rs 92.75 lakh to various bank accounts linked to the scam. Despite these substantial transfers, he received no money back, ultimately realizing he had been cheated. The case is now under investigation by the Amreli Cybercrime police, who are working to trace the perpetrators and recover the lost funds.
This incident serves as a stark reminder of the dangers associated with unsolicited investment offers and the importance of verifying the credibility of online platforms before committing significant financial resources. Authorities urge the public to exercise caution and report any suspicious activities to cybercrime units promptly.
