Synopsis: A 52-year-old businessman lost Rs 93 lakh in a fake USDT crypto investment scam. A WhatsApp fraudster posing as “Neha Sharma” gained his trust, showed fake profits, and then disappeared. Police are investigating the case.
On January 29, 2026, a trusted WhatsApp conversation turned into a nightmare for a 52-year-old businessman. Mahesh Bhayani, from Navania village in Amreli district, lost Rs 93 lakh after falling into a fake USDT crypto investment scheme.
Scammers promised him high returns. Instead, they vanished with his hard-earned money. Police have now launched an investigation. The incident serves as a warning about growing online fraud.
Scam Begins with a Simple Message
Bhayani runs Jay Khodiyar Enterprise, a stone-crushing business. On September 25, 2025, he received a message from an unknown number on WhatsApp. The sender claimed it was sent by mistake.
Soon, the conversation resumed. A woman introducing herself as “Neha Sharma” began chatting with him regularly. She showed interest in his business and shared details about her life. She claimed to own a fabric factory and a showroom.
Gradually, she shifted the conversation toward stock markets and cryptocurrency. This caught Bhayani’s attention. Over time, trust developed between them.
Fake Platform and Initial Investment
Sharma later introduced him to a platform called “Kanakdham Exchange.” She described it as a reliable and profitable USDT trading platform. She assured him that earning high returns was easy. She encouraged him to start with a small amount. Using a link she shared on WhatsApp, Bhayani registered on the platform. He made his first deposit of Rs 51,000.
Sharma then sent him trading tips and guided him through transactions. He followed her instructions closely. As the platform displayed steady gains, his confidence grew.
Fake Profits Fuel Bigger Bets
By October 2025, the platform showed profits of nearly Rs 7 lakh from four trades. Encouraged by the figures, Bhayani tried to withdraw his money. However, the scammers blocked the withdrawal. They claimed he had to pay taxes and processing fees first. Believing them, he paid the amount.
Soon, his investments increased sharply. Between October 11, 2025, and January 3, 2026, he transferred a total of Rs 92.75 lakh to various accounts linked to the scam. To arrange the funds, he took loans and used his business savings. He borrowed Rs 25 lakh from a bank and Rs 17 lakh from a finance company. The remaining amount came from his firm’s account.
Each payment was made in the hope of receiving large returns. However, no money was ever returned. Sharma continued giving assurances and promised quick withdrawals after additional payments. Weeks passed, but nothing happened. Eventually, Bhayani realised he had been cheated.
Also Read: Crypto Coin Worldcoin Surges 40% as OpenAI Explores Biometric Social Platform. Here’s Why
Victim Approaches Police
After discovering the fraud, Bhayani filed a complaint at the Amreli Cybercrime Police Station. He named “Neha Sharma,” the operators of the fake website, and the bank account holders involved in the transactions.
Several unknown persons were also listed in the complaint. Police have begun tracing the money trail and examining digital records. No arrests have been made so far. On the other hand, Bhayani is struggling with heavy loan repayments. The loss has affected his business operations and financial stability.
Rising Crypto Fraud Cases
Officials say Gujarat has seen a rise in similar cryptocurrency scams. Fraudsters often contact victims through WhatsApp and social media. They build trust, show fake profits, and then demand extra fees.
Such platforms usually display manipulated data to mislead users. Victims are trapped once they invest large sums. Bhayani’s case follows this pattern. First, scammers build rapport. Then, they offer small “profits” to gain confidence. Finally, they demand bigger investments and vanish.
Police have advised people to be cautious about unsolicited investment offers. They urge investors to verify platforms through official sources and avoid schemes promising guaranteed returns. Legitimate trading platforms do not ask for secret fees to release funds.
A Warning for Others
In Amreli and nearby districts, similar cases are increasing. Scammers often target businessmen who have access to loans and business capital. Awareness remains limited, but incidents like this highlight the risks. Authorities urge people to report suspicious messages immediately and educate family members about digital fraud.
Sharing his experience, Bhayani said, “I trusted too easily and ignored the warning signs.” Police have assured strict action against those involved. They continue to investigate the case and recover the funds.
The incident serves as a reminder that while cryptocurrency offers opportunities, it also attracts fraudsters. Staying alert online is the best defence.
Written By Fazal Ul Vahab C H
