Ranga Reddy businessman loses nearly Rs 2 crore in crypto investment scam
Crypto scam in Ranga Reddy, a man loses nearly Rs 2 crore; fake profits used to lure in investments from him
By Newsmeter Network
Hyderabad: Crypto scam in Ranga Reddy where a man lost nearly Rs 2 crore; fake profits used to lure in investments
Hyderabad: A 38-year-old businessman from Almasguda in Ranga Reddy District fell prey to a cryptocurrency investment scam and lost nearly Rs 2 crore. The incident, which highlights the growing sophistication of online financial fraud, is currently under investigation by the Rachakonda Cyber Crime Police.
According to the complaint filed, the victim received a WhatsApp message from a person identifying himself as Satish Dubey, who claimed to offer high-return investment opportunities in cryptocurrency.
Scammer claimed crypto exchange platform got hacked
Lured by the promise of quick profits, the businessman downloaded a mobile application as suggested and initially invested Rs 9 lakh. After showing him fake profits to gain his trust, the scammers convinced the businessman to invest large sums.
He was told that investing $15,000 (approximately Rs 13.5 lakh) would yield significant returns, and that a further investment of Rs 1.35 crore would elevate him to a VIP-1 rank, ensuring even higher gains.
The scammers later claimed that the crypto exchange platform, UBIT Exchange, had been hacked and assured him that his funds would be returned soon.
Victim met scammer in Delhi and invested in fake business
When no refund was received, the businessman travelled to Delhi and met Satish Dubey in person, who directed him to another alleged executive, Subhranil Banerjee, introduced as the CEO of a firm named YONEX.
Banerjee further misled the victim by promising double returns if he invested in YONEX Crypto. Believing the offer to be genuine, the businessman transferred an additional Rs 67 lakh over multiple transactions.
Realising that he had been duped after months of false promises, the victim approached the Rachakonda Cyber Crime Police, who have now registered a case and launched a probe.
Public advisory
Authorities have urged the public to remain cautious and avoid falling for high-return promises made over social media or messaging apps. They stressed the importance of verifying the legitimacy of financial platforms before making any investment.
