A 47-year-old man in Hyderabad lost Rs 1.6 crore to cyber scammers via a deceptive Telegram group promising huge returns on Bitcoin investments. The scammers, posing as financial advisors, manipulated him through staged profits and emotional pressure tactics. The Cyberabad Police have begun an investigation, suspecting organised cyber fraud involvement.
In a worrying expose of the cryptocurrency fraud landscape, a 47-year-old man from Miyapur in Hyderabad has fallen victim to a scam that cost him Rs 1.6 crore, lured by what appeared to be a genuine investment opportunity. The impersonators utilised a fake Telegram group, deceiving potential investors by showcasing fabricated returns on Bitcoin investments. Cyberabad Police are now on the case, attempting to untangle this complex web of financial deceit.
This unfortunate situation showcases how scammers target individuals desperate for financial growth. The victim, whose name is being withheld for privacy reasons, was unwittingly added to a Telegram group that purported to offer reliable investment advice. It started with a woman masquerading as a financial advisor, who promptly convinced him that his initial investments—or amounts merely ranging from Rs 10,000 to Rs 20,000—had miraculously doubled in hours. This trickery drew him into the dangerous fray of fraudulent dealings.
Once the victim’s interest was piqued, the scammers ramped up their tactics. They demanded an additional Rs 5 lakh as a membership fee, asserting that it was essential for greater returns. They further imposed a 20% commission on profits. Motivated by the allure of quickly gained wealth, he transferred a whopping Rs 1.02 crore to multiple bank accounts in several transactions, believing he was embarking on a lucrative venture.
However, things turned ugly when he sought to end the supposed investment arrangement. The scammers then demanded another Rs 30 lakh, misleading him by claiming it was a contractual commission. Under the illusion that he was close to reclaiming his alleged profits, he wilted under pressure and complied with their demands. Over time, the ongoing series of fake fees and expenses caused the total losses to balloon to Rs 1.6 crore.
When he requested his returns, the scammers vanished from sight. They blocked his number and ceased all forms of communication—leaving him high and dry with no recourse. Tackling such sophisticated scams, the Cyberabad Cybercrime Police have registered a complaint and started their investigation.
