A 47-year-old man in Hyderabad was duped of Rs 1.6 crore in a cryptocurrency scam. He was lured by promises of high returns through Bitcoin trading after being added to a Telegram group. The scammers convinced him to invest substantial amounts and even pay commissions, until they cut off communication when he tried to withdraw his money. The Cybercrime Police are now investigating the matter.
A resident of Miyapur, Hyderabad, recently fell victim to a massive cryptocurrency investment scam, losing a staggering Rs 1.6 crore. This complaint was filed by a 47-year-old private employee with the Cyberabad Cybercrime Police, detailing how he was misled by cybercriminals promising unrealistic returns on investments.
The scam began when the victim was added to a Telegram group by unknown individuals. Within this group, a woman reached out with enticing investment tips, guaranteeing significant profits through Bitcoin trading. Initially, he began with modest investments between Rs 10,000 and Rs 20,000 via e-wallets. To his surprise, he was shown fabricated returns that seemingly doubled his investments, which further fueled his confidence.
Feeling incentivised by the supposed success, he was then persuaded to invest Rs 5 lakh for an upgraded membership that allegedly would expand his investment limits. In addition, he was told he must pay a 20% commission on the stated profits. Unfortunately, this encouragement led him to transfer a total of Rs 1.02 crore to the criminals’ bank accounts over time.
When he later chose to withdraw his money, the fraudsters demanded an additional Rs 30 lakh under the guise of a commission fee, which he begrudgingly provided. Thus, the total amount siphoned off by these scammers reached Rs 1.6 crore after several deceitful transactions.
Despite his requests for the return of his principal amount and any profits made, the fraudsters began avoiding him and eventually blocked all communication. Following his plea for help, the Cybercrime Police have taken note of his complaint and are now actively investigating to apprehend the individuals responsible for this elaborate scam.
