Bengaluru man loses ₹38 lakh in crypto romance scam on matrimonial

A 30‑year‑old Bengaluru businessman was swindled out of roughly ₹38 lakh after a woman he met on a popular matrimonial portal convinced him to invest in fraudulent cryptocurrency platforms, prompting a cyber‑crime FIR and the freezing of five bank accounts [2].

At a glance

How the scam unfolded

The victim, a pre‑owned motorcycle dealer, connected with a woman posing as “Lakshmi Priya” (also identified as Niharika Chowdary Mandava) on the matrimonial site on 27 Oct 2025. She claimed to be a UK resident and later arranged a video call that featured actors playing family members, deepening the illusion of legitimacy [2]. She introduced an “uncle” who purported to run a UK investment firm and steered the victim toward a cryptocurrency trading app called “Bost Base,” accessed through a suspicious third‑party link [2].

Initial deposits of ₹65,000 appeared to generate strong returns, prompting the victim to pour in a total of about ₹25 lakh. The scammer then fabricated a profit claim of over ₹1.4 crore and demanded an additional “UK tax” payment of ₹21 lakh before any withdrawal could be processed [2]. The victim, convinced by the emotional bond and promised returns, borrowed from friends and transferred the money to multiple bank accounts supplied by the fraudsters [2].

Police response and ongoing investigation

The victim filed a complaint on 3 Aug 2025, leading to a FIR under sections 420 of the IPC and provisions of the Information Technology Act for identity theft and cheating [3]. Authorities have frozen five bank accounts linked to the scam and are attempting to trace and recover the funds [1]. Investigators also noted that the victim had initially invested ₹10 lakh each with the fraudster in a shared cryptocurrency wallet to build trust, after which the woman withdrew her own contribution on 20 Dec 2024, raising the victim’s suspicions [1].

What to watch

• Bank account freezes: Any unfreezing or seizure updates from the Cyber Crime Police Station could signal progress in fund recovery.
• Further FIR filings: Additional complaints against related phone numbers or wallet addresses may expand the investigation’s scope.
• On‑chain movements: Large transfers of USDT or other stablecoins from the victim’s Trust Wallet to new addresses could indicate further siphoning by the fraud ring.

The case underscores the growing convergence of romance‑based “pig‑butchering” scams with crypto fraud, highlighting the need for heightened vigilance when financial advice comes from online acquaintances, even on seemingly reputable platforms.