Hyderabad Man Loses ₹1.6 Crore to Telegram Cryptocurrency Scam

A 47-year-old man from Hyderabad lost ₹1.6 crore in a cryptocurrency scam via Telegram. Scammers had added him to a group and manipulated data to show false profits, demanding fees that led to significant losses. The Cyberabad Police have launched an investigation urging caution against similar schemes.

In a shocking turn of events, a 47-year-old man from Miyapur, Hyderabad, has become the victim of a substantial cyber fraud, losing ₹1.6 crore to scammers. The con artists enticed him with assurances of immense profits from cryptocurrency investments, showing just how vulnerable individuals can be to such schemes.

According to a report from the Cyberabad Cybercrime Police, the victim’s ordeal began when unknown individuals added his mobile number to a Telegram group. Shortly after this, he was contacted by a woman who promised to provide investment advice regarding Bitcoin, assuring him of high returns on his investments.

The man, initially sceptical, began investing small sums of money, generally between ₹10,000 and ₹20,000 through e-wallets. To garner his confidence, the scammers manipulated data, creating the illusion that his investments had doubled—a classic tactic used in investment scams.

As trust grew, the fraudsters escalated their game, demanding a premium membership fee of ₹5 lakh, enabling the victim to purportedly invest larger sums and reap even greater profits. Additionally, they insisted on taking 20% commission on his alleged earnings, leading to him transferring a staggering ₹1.02 crore to various bank accounts in their possession.

When the victim, perhaps realising something was amiss, attempted to withdraw funds from his alleged investment, the fraudsters were quick to demand a further ₹30 lakh under the guise of commission. Reluctantly, he paid this too, alongside various miscellaneous charges that eventually led to a total loss of ₹1.6 crore.

Ultimately, the scam came to light when the victim tried to cash out his supposed investment earnings. The scammers then began ignoring his messages and eventually blocked his contact altogether, leaving him in the lurch and realising he had fallen victim to an elaborate scam.

Currently, the Cyberabad Cybercrime Police have filed a case and are actively investigating the situation. Officials are stressing the importance of vigilance among citizens, notably cautioning them against unsolicited investment schemes—especially those propagated via social media platforms like Telegram or WhatsApp, where miscreants often operate unscrupulously.