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A Bengaluru man transferred approximately 30,000 USDT to fraudulent cryptocurrency wallets after being contacted by a woman on a matrimonial website, according to a First Information Report registered Aug. 3. Police said the woman, identifying herself as Niharika Chowdary Mandava, began building the relationship on Oct. 27, 2025, before directing him to two suspected fraudulent trading platforms.
She claimed to be a UK-based logistics professional originally from Vijayawada, Andhra Pradesh, before gradually earning the complainant’s trust and persuading him to transfer thousands of USDT into wallets linked to suspected fraudulent websites. Authorities have opened an investigation into the crypto scam, which highlights the growing use of romance and social engineering tactics in cryptocurrency fraud.
According to police, the suspect first contacted the victim through a matrimonial website before continuing conversations across multiple WhatsApp numbers.
Investigators said the woman gradually built a relationship with the complainant, presenting herself as an experienced cryptocurrency investor. She allegedly persuaded him to invest through two websites mivonexchg.com and binzoex.com which investigators now suspect are fraudulent trading platforms.
Following her instructions, the victim reportedly purchased USDT (Tether) through legitimate cryptocurrency exchanges, including Binance, ZebPay and Mudrex. He then transferred the digital assets into his Trust Wallet before sending approximately 30,000 USDT to several cryptocurrency wallet addresses provided during the transactions.
Police believe the crypto scam relied heavily on establishing personal trust before directing the victim toward fake investment platforms designed to appear legitimate.
The complainant told investigators that problems began when he attempted to withdraw his investment.
According to the FIR, he was instructed to pay additional taxes and other charges before his funds could be released. Despite making those payments, he remained unable to access his cryptocurrency holdings.
Police said the victim later discovered that one of the trading platforms was allegedly fraudulent, while the second website had become inaccessible.
Investigators suspect the funds were diverted through multiple cryptocurrency wallet addresses, making it more difficult to trace the stolen assets.
The alleged crypto scam reflects a common fraud pattern in which victims are encouraged to make repeated payments under the false promise that their investments or profits will eventually be released.
Authorities have registered a case at the Whitefield Cyber Crime Police Station under provisions relating to identity theft and cheating by personation under the Information Technology Act. Additional charges have also been filed under provisions of the Bharatiya Nyaya Sanhita relating to cheating and impersonation.
Police allege the accused created a fake identity on the matrimonial platform specifically to gain the victim’s confidence before inducing him to invest in bogus cryptocurrency platforms.
According to investigators, the transferred cryptocurrency was routed through multiple wallet addresses, resulting in significant financial losses for the complainant.
Officials have not disclosed the identities of any additional suspects or confirmed whether the wallet addresses have been linked to broader cybercrime networks.
Further investigation into the crypto scam is ongoing.
The Bengaluru case underscores a growing trend in which cybercriminals use romance, friendship or matrimonial platforms to establish credibility before introducing victims to fraudulent investment opportunities.
Unlike traditional phishing attacks, these operations often unfold over weeks or months as fraudsters carefully cultivate relationships before recommending cryptocurrency investments.
Victims are typically instructed to use reputable cryptocurrency exchanges to purchase digital assets before transferring them to external wallets or investment platforms controlled by scammers.
Once substantial funds have been deposited, fraudsters frequently demand additional taxes, verification fees or withdrawal charges while preventing victims from accessing their investments.
By the time victims realize they have fallen victim to a crypto scam, the transferred cryptocurrency has often been moved through multiple wallets, complicating recovery efforts.
The latest case serves as another reminder for cryptocurrency investors to independently verify investment platforms, exercise caution when receiving financial advice from online acquaintances, and remain vigilant against requests to transfer digital assets to unfamiliar wallet addresses.
Primary sources: Moneycontrol
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