Jagatsinghpur: A man from Odisha’s Jagatsinghpur district has allegedly been cheated of Rs 25.76 lakh in a cryptocurrency trading scam that began with a Facebook friend request.

According to reports, the victim, identified as Sapan Kumar Adhikari from the Borikina area under Balikuda police limits, fell prey to fraudsters who lured him with promises of high returns through crypto trading.

The incident dates back to March 19, when Sapan received a friend request from a Facebook profile named Ankita Choudhury. After accepting the request, the two began chatting on Messenger. The accused reportedly gained his trust by sharing screenshots showing profits from cryptocurrency trading and persuaded him to invest money.

On March 26, the woman introduced Sapan to another person named Hemant via WhatsApp, who claimed to assist in trading. Initially, Sapan invested Rs 12,000 through a trading platform and received Rs 16,700 the same day, which helped build his confidence.

Subsequently, Sapan entered into an agreement with Hemant, under which he would pay 30 per cent of his profits. He first invested Rs 25,000 and later received messages indicating returns of around $400 (over Rs 38,000). Following the agreement, he paid Rs 4,500 via UPI as commission.

Encouraged by the apparent gains, Sapan continued investing larger amounts. Over time, he was shown messages indicating profits of Rs 18.17 lakh. Believing these figures to be genuine, he transferred Rs 7 lakh via RTGS to the accused. On April 4, he further deposited Rs 10.45 lakh into a bank account provided by the fraudsters.

However, when he attempted to withdraw the funds, he was unable to do so. On contacting the accused, he was told that withdrawals were restricted due to excess funds in the account. It was later discovered that the profit messages were fake and no actual money had been credited.

In total, Sapan lost Rs 25,76,870 to the fraudsters.

A case has been registered at the cyber police station, and an investigation is currently underway. Authorities have urged people to remain cautious while dealing with unknown individuals on social media and avoid investing in unverified online trading platforms.