In a shocking case of cryptocurrency fraud, a Hyderabad-based private employee was conned out of a massive ₹1.6 crore by cybercriminals who lured him into a fake investment scheme through a Telegram group. The fraudsters promised high returns on Bitcoin investments, tricking the victim into transferring money over several transactions.
This incident sheds light on the growing trend of cryptocurrency scams in India, especially via messaging platforms like Telegram, where scammers use fake profiles, high-return promises, and forged dashboards to manipulate unsuspecting investors.
According to a complaint filed with the Cyberabad Cybercrime Police, the 47-year-old man from Miyapur, Hyderabad, stated that unknown individuals added his mobile number to a Telegram group. Within the group, a woman approached him, offering “expert guidance” on investing in Bitcoin and promised guaranteed high returns.
Initially skeptical, the man was gradually convinced through repeated claims of "doubling" small investments within hours.
As per police investigation, the scammers first offered returns on small investments. The victim started by transferring ₹10,000 and later ₹20,000 through a digital wallet. The fraudsters used fake dashboards to show that his money had doubled, thereby gaining his trust.
Encouraged by the results, the victim made a larger investment of ₹5 lakh and even requested a membership. However, the fraudsters now began demanding 20% commission on every transaction in order to release the so-called “profits.”
Believing the scheme to be legitimate, the victim made successive payments totaling ₹1.02 crore into various bank accounts. However, when he decided to withdraw his returns and exit the scheme, the scammers made an additional demand: ₹30 lakh as “processing commission.” He paid that too.
In total, the fraudsters siphoned off ₹1.6 crore under various pretexts including service fees, taxes, platform access, and more.
Eventually, when the victim demanded his returns and principal amount, the scammers blocked his number and disappeared.
Cybercrime officials say such scams follow a well-rehearsed pattern:
Victims are added to Telegram/WhatsApp groups by unknown numbers.
A friendly “advisor” (often impersonating a woman) offers crypto tips.
Small investments are manipulated to appear profitable.
Gradual trust leads to large deposits.
Fake portals or dashboards show exaggerated profits.
When victims seek withdrawal, more money is demanded under different names.
Eventually, the fraudsters cut off all contact.
The Cyberabad Police have urged citizens to remain vigilant against online investment opportunities, especially those made via unofficial platforms like Telegram. Key safety tips include:
Never trust unsolicited investment advice.
Avoid unknown Telegram/WhatsApp groups.
Cross-verify any cryptocurrency investment platform with official government or regulatory sources.
Be cautious of platforms promising “guaranteed” or “doubled” returns.
Report suspected frauds immediately to local cybercrime cells or the National Cybercrime Reporting Portal.
While cryptocurrency continues to gain popularity in India, it has also become a hotbed for online fraud. The absence of centralized regulation, coupled with the anonymity of transactions, makes it easier for scammers to operate freely.
This Hyderabad case serves as a grim reminder of how even tech-savvy individuals can fall prey to emotionally manipulative and technically deceptive schemes. As cryptocurrency adoption grows, so must public awareness and digital caution.
