Hyderabad: In yet another alarming case of online financial fraud, a 75-year-old resident of Hyderabad was cheated of ₹1.68 crore after being lured into investing through a fake cryptocurrency trading platform named Market Axess.
According to cybercrime officials, the victim was approached on social media by individuals posing as financial advisors. They claimed to help him recover his earlier stock market losses and persuaded him to invest in cryptocurrency through their so-called trading platform. Trusting their assurances, the senior citizen transferred large sums of money over several transactions — only to later discover that the platform and its operators were fraudulent.
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Authorities have cautioned that such scams are increasingly targeting senior citizens, particularly those active on social media. Fraudsters often exploit emotional triggers by promising high returns or offering to help recover past investment losses.
Police have urged citizens to remain vigilant and avoid engaging with unknown individuals or investment links online. They stressed that legitimate financial advisors never approach investors through social media or unofficial messaging platforms.
Victims of cyber or financial fraud are advised to contact the national cybercrime helpline 1930 or report the incident at cybercrime.gov.in.
Officials emphasized the need for families to educate and protect their elderly members from such digital scams, as online predators continue to evolve their tactics to exploit trust and financial vulnerability.