A 32-year-old software engineer from Mangaluru lost Rs 6.42 lakh in a cryptocurrency scam that promised to double her investment in 100 days. The fraudsters used a mobile application that displayed increasing wallet balances after each trade, leading her to believe the investments were generating substantial profits.
How the Scam Worked
The victim, a resident of Kotekar near Mangaluru, was approached by fraudsters through a social media advertisement in March 2026. The ad promoted a crypto trading platform that claimed to use advanced algorithms to guarantee returns. After downloading the app, she began with a small investment of Rs 10,000, which quickly showed a profit of Rs 2,000 within a week.
Encouraged by the initial gains, she invested more over the next two months, totaling Rs 6.42 lakh. The app continued to show her wallet balance growing, reaching over Rs 13 lakh at one point. However, when she tried to withdraw her funds in May 2026, the app stopped responding, and the customer support numbers were switched off.
Police Investigation Underway
According to Mangaluru Cyber Crime Police, the scam is part of a larger network targeting tech-savvy individuals. “The app was designed to manipulate data and show fake profits. It used psychological tactics to make victims believe they were earning real money,” said a police officer involved in the investigation. The police have registered a case under the Information Technology Act and relevant sections of the Indian Penal Code for cheating and criminal conspiracy.
Investigators are tracing the transaction trail, which involves multiple bank accounts and cryptocurrency wallets. They suspect the funds were laundered through international channels. “We are coordinating with other law enforcement agencies to identify the perpetrators,” the officer added.
Impact and Warnings
The scam has left the techie financially devastated. She had borrowed money from friends and family to invest, hoping for quick returns. “I lost my savings and am now in debt. I trusted the app because it looked professional and had good reviews,” she told the police.
Authorities have issued a public warning about such schemes. “No legitimate investment can guarantee doubling your money in a short period. Always verify the platform with regulatory bodies like SEBI or RBI before investing,” said a cyber security expert. The Mangaluru Cyber Crime Police urge anyone approached with similar offers to report immediately on the national cybercrime helpline 1930.
