A man from Miyapur lost Rs 1.6 crore in a Telegram-based cryptocurrency scam. After being lured by false promises of high returns, he made significant investments. After trying to withdraw, he was blocked by the fraudsters, leading him to file a complaint with Cyberabad police who are now investigating the case.
A man from Miyapur has become the latest victim of a cryptocurrency scam, losing a staggering Rs 1.6 crore. The victim, a 47-year-old employee, reported the fraud to Cyberabad Cybercrime officials after being lured into investing through a Telegram group that promised high-yield returns on Bitcoin investments. It seems he stumbled upon the group without his prior knowledge, where a woman who claimed to be an investment advisor reached out to him.
Initially, the man was convinced to make small investments ranging between Rs 10,000 and Rs 20,000. Miraculously, he believed that these amounts doubled, tantalising him into pouring more cash into the scheme. Subsequently, he was advised to pay an additional Rs 5 lakh for a so-called membership, which supposedly allowed him to make even larger investments for greater profits. To top it off, the fraudsters demanded a hefty 20% commission on his supposed gains.
In a reckless move, the man transferred Rs 1.02 crore into the known bank accounts linked to the group. However, when he tried to exit the arrangement, he found himself faced with further hurdles, being asked for Rs 30 lakh to terminate what he thought was a contract. Feeling trapped, he complied but eventually realised that he had been scammed out of a total of Rs 1.6 crore.
After the realisation hit, he sought to reclaim his investments and profits only to find himself blocked by all communication channels with the scammers. Understanding he had fallen prey to a fraud scheme, he reached out to the Cybercrime unit for help. Now, a case has been filed under applicable laws, and investigators are racing to identify the people behind this elaborate scam.
The incident serves as a stark reminder of the growing risks associated with online investments, particularly those touted through anonymous platforms like Telegram. As authorities dive into this case, it underscores the urgent need for vigilance in the face of digital fraud.
