Crypto Scam Shocker: Hyderabad Man Loses ₹1.6 Crore to Telegram Fraud
A 47-year-old private employee from Miyapur has become the latest victim of a major cyber fraud, losing a whopping ₹1.6 crore to scammers who lured him with promises of massive profits through cryptocurrency investments.
Hyderabad: A 47-year-old private employee from Miyapur has become the latest victim of a major cyber fraud, losing a whopping ₹1.6 crore to scammers who lured him with promises of massive profits through cryptocurrency investments.
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Victim Added to Telegram Group by Unknown Persons
According to the complaint lodged with the Cyberabad Cybercrime Police, the victim’s mobile number was added to a Telegram group by unidentified individuals. He was soon contacted by a woman claiming to offer investment guidance and tips in Bitcoins, guaranteeing high returns.
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Initial Investments Showed False Profits
The man was convinced by the alleged fraudster and began investing small amounts ranging between ₹10,000 to ₹20,000 via e-wallets. To gain his trust, the fraudsters manipulated the data to show that his investments had doubled.
Fraudsters Demand Membership and Commission Fees
Soon after, the fraudsters told the victim he needed to pay ₹5 lakh for a premium membership, enabling him to invest more and earn higher profits. They also demanded a 20% commission on his supposed profits. Over time, the victim transferred a total of ₹1.02 crore to various bank accounts.
Additional ₹30 Lakh Extracted Under Pretense of Commission
When the victim attempted to terminate the investment agreement, the fraudsters demanded an additional ₹30 lakh as commission, which he paid. Further payments were extracted under the guise of miscellaneous charges, pushing the total amount lost to ₹1.6 crore.
Scam Exposed After Blocked Communication
When the victim requested a withdrawal of his investment and profits, the scammers began ignoring his messages and ultimately blocked his number, revealing the fraudulent scheme.
Cybercrime Police Launch Investigation
The Cyberabad Cybercrime Police have registered a case and launched a full-scale investigation to trace the culprits. Officials urge citizens to be cautious of unsolicited investment offers, particularly those involving cryptocurrencies and online groups like Telegram or WhatsApp.
