Hyderabad man duped of Rs 1.6 Cr in Crypto investment scam via Telegram Group

Hyderabad: A 47-year-old private employee from Miyapur has filed a complaint with the Cyberabad Cybercrime Police, claiming he was defrauded of Rs 1.6 crore by cybercriminals who lured him with promises of high returns on cryptocurrency investments.

According to the complaint, the victim was added to a Telegram group by unknown individuals, where a woman approached him with investment tips and guaranteed profits through Bitcoin trading.

Believing the offer, he initially invested small amounts ranging from Rs 10,000 to Rs 20,000 via e-wallets and was shown fake returns that appeared to double his money. Encouraged by the results, he was asked to pay Rs 5 lakh for a membership to increase his investment limit and was also told to pay 20 percent commission on the alleged profits.

Over time, he transferred Rs 1.02 crore to the scammers' bank accounts. Later, when he decided to exit the scheme, the fraudsters demanded an additional Rs 30 lakh as commission, which he also paid. In total, the fraudsters extracted Rs 1.6 crore from him under various pretexts.

When he requested the return of his investment and profits, the scammers began to avoid him and eventually blocked his contact. Based on his complaint, Cybercrime police have registered a case and launched an investigation to trace the culprits.