Key Highlights
- A Mangaluru software engineer allegedly lost ₹6.42 lakh in a fake crypto investment scheme.
- The victim was introduced to the platform through WhatsApp and promised her investment would double.
- Trading apps allegedly displayed fabricated wallet balances to encourage additional deposits.
A 28 year old software developer from Mangaluru has allegedly lost ₹6.42 lakh after investing in a fake cryptocurrency trading platform that promised to double her money within 100 days.
According to a local report, Economic and Narcotics (CEN) Police, the victim was introduced to a platform called BG GOLD through a WhatsApp contact, who claimed investors could earn substantial returns through crypto trading.
Following the recommendation, she downloaded two mobile applications, DSJ and Gold BS, using links provided by the contact and began making investments.
Fake wallet balance convinced victim to invest more
According to the Herald report, Police said the applications showed steadily increasing wallet balances after each trade, giving the impression that her investments were generating profits.
Encouraged by the apparent returns and claims that investments would double within 30 days, the victim transferred ₹6.42 lakh through multiple UPI transactions between February 28 and April 11, 2026, to bank accounts shared by unknown individuals.
After discussing the issue with friends, she allegedly discovered that others had invested through the same platform and were facing similar problems.
The woman subsequently filed a complaint with the CEN Police, which has begun investigating the case.
Read: Fake Crypto Scam in India: Panchkula Police Arrest 3 in ₹3.28 Cr Fraud
WhatsApp remains a common entry point
The Mangaluru incident reflects a growing pattern in crypto investment fraud, where scammers use WhatsApp groups, messaging platforms, and social media to lure victims into fake trading platforms.
Rather than stealing funds immediately, many schemes display fabricated profits to convince users to deposit larger amounts before eventually cutting off access to both the platform and the invested funds.
Earlier this year, a Malaysian consulate officer reportedly lost nearly ₹79 lakh after joining a WhatsApp investment group that promoted fake cryptocurrency and stock trading opportunities. The victim was persuaded to transfer funds over several months before discovering the platform was fraudulent.
Part of a broader rise in crypto investment scams
The incident is the latest in a series of cryptocurrency investment scams linked to messaging platforms and fake trading applications.
More recently, INTERPOL announced the results of Operation First Light 2026, which led to 5,811 arrests across 97 countries and the seizure of more than $293 million in cash and cryptocurrency, exposing large-scale social engineering networks that used fake investment platforms and crypto laundering schemes to target victims worldwide.
Scammers have also increasingly relied on artificial intelligence to make their schemes appear more convincing. This week, deepfake videos falsely depicting football star Cristiano Ronaldo endorsing a cryptocurrency token circulated online following Portugal’s World Cup exit, with investigators confirming the videos were part of a fraudulent crypto promotion.
The Mangaluru case adds to a growing list of frauds where scammers use familiar messaging platforms, fake trading interfaces, and fabricated account balances to convince victims to continue depositing funds before disappearing.
Also Read:- Former Epoch Times CFO Pleads Guilty to $67M Crypto Laundering Scheme
Disclaimer: This report is based on information published by The Herald. CryptoTimes has not independently verified the claims or confirmed the details of the case.
