Hyderabad man duped of ₹1.6 crore in cryptocurrency scam

A 47-year-old private employee from Miyapur fell victim to a cryptocurrency investment scam and lost a staggering ₹1.6 crore, according to a complaint filed with the Cyberabad Cybercrime Police.

The man was recently added to a Telegram group by unknown individuals. There, a woman approached him, promising massive profits from Bitcoin investments and offering "expert guidance" and investment tips.

Initially, he invested small amounts between ₹10,000 and ₹20,000 through e-wallets. To his surprise, the scammers manipulated the numbers to show his money doubling quickly. Encouraged by the fake returns, he was persuaded to take a “membership” by paying ₹5 lakh, which would allow him to invest more and earn even higher profits. The fraudsters also asked him to pay a 20% commission on these so-called profits.

Believing the scheme to be genuine, the man ended up transferring ₹1.02 crore to the fraudsters’ bank accounts. When he later tried to exit the scheme, he was asked to pay another ₹30 lakh as a “commission,” which he did. Under various pretexts, including service fees and taxes, the total amount he paid eventually reached ₹1.6 crore.

However, when he asked for his money and profits back, the scammers stopped responding and eventually blocked him.

Cybercrime police have registered a case and launched an investigation. Efforts are underway to track down the fraudsters.