A Hyderabad man claims to have lost Rs 1.6 crore in a cryptocurrency investment scam. After being lured into a Telegram group, the victim was promised high returns on Bitcoin investments but ultimately lost his money after paying multiple commissions and expenses. Cybercrime police are investigating the case.
A shocking case of cryptocurrency investment fraud has emerged from Hyderabad, where a 47-year-old man claims to have lost Rs 1.6 crore, equivalent to about £160,000. The private employee, hailing from Miyapur, reported the incident to Cyberabad Cybercrime police, detailing how he was targeted by cyber fraudsters.
The victim narrated that he was added to a Telegram group by unknown individuals, where he was contacted by a woman who assured him of substantial returns on investments in Bitcoin. This sort of approach is common in scams, where potential victims are often lured into a false sense of security with attractive offers and assurances of support.
Initially, the man invested small amounts, ranging from Rs 10,000 to Rs 20,000 using e-wallet services. To his surprise, he saw his initial investments double within a short amount of time, which further reinforced his belief in the scam. This promising return led him to invest greater sums, including Rs 5 lakh for a higher membership tier promising even bigger profits. As part of this scheme, he was also required to pay a hefty 20 per cent commission on his generated profits.
Ultimately, the victim transferred a staggering total of Rs 1.02 crore to the fraudsters’ bank accounts. Just days ago, when he sought to withdraw his investments, he was hit with a surprise demand of Rs 30 lakh as a commission before he could do so. Out of desperation, he complied with this demand. The fraudulent operation cleverly masked other requests for payments under various pretences, eventually racking up the total loss to Rs 1.6 crore.
However, the moment he asked for a return of his original investments and the promised profits, things took a turn. The scammers began avoiding his calls and subsequently blocked his contact entirely. This is a classic tactic often observed in such scams to cut off communication once the fraudsters secure the funds they sought.
Following his complaint, Cyberabad’s Cybercrime unit has registered a case and has begun an investigation. They are focusing their efforts on tracking down the perpetrators of this sophisticated fraud, as similar scams continue to proliferate in online spaces, particularly through social media platforms like Telegram.
