HYDERABAD: A Hyderabad techie lost nearly ₹60 lakh after falling for a woman he met on a matrimonial site who lured him into a fake cryptocurrency investment. Police say the elaborate online romance was part of a larger cross-state scam network.
A Promising Match Turns Into a Nightmare
What began as a search for companionship turned into a financial disaster for a 42-year-old Hyderabad-based software professional. The man met a woman named Bhagya Shree on a divorcee matrimonial website earlier this year. She claimed to be an Indian-origin woman living in the Netherlands and said she was looking to remarry.
Over several weeks, she and the man exchanged long chats, voice messages, and even video calls. The woman introduced her “parents” during the online interactions, further deepening the victim’s trust.
The Lure of Crypto Riches
After gaining his confidence, Bhagya Shree convinced the techie to invest in a cryptocurrency platform called m.bitcoin-of.com, claiming it was a lucrative opportunity they could use to build a shared future.
At first, the platform appeared legitimate — small initial investments generated visible profits, and he was even able to withdraw ₹5,000 as a “sample” return. Encouraged by this, the victim began investing larger amounts between May and September this year.
By the time he realized something was wrong, he had transferred money 16 times from different bank accounts — ICICI, SBI, and Axis — into at least 15 other accounts across Gujarat, Maharashtra, Madhya Pradesh, and Telangana. His total loss amounted to ₹59.5 lakh.
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The Trap Closes In
When the victim saw that his account on the fake crypto site showed a “profit” of ₹2.27 crore, he tried to withdraw the money. That’s when the fraudsters demanded additional payments labeled as “tax” and “service fees.”
Sensing something was wrong, he refused to pay further — but it was too late. His access to the platform was blocked, and the profiles of the “bride” and her supposed parents disappeared overnight. The man immediately approached Hyderabad Cyber Crime Police, who registered a case and began tracing the money trail.
Police Probe and the Bigger Pattern
Investigators found that the scam involved multiple accounts spread across several states. A case has been filed under Sections 66C and 66D of the Information Technology Act for identity theft and cheating, as well as relevant sections of the Bharatiya Nyaya Sanhita for organized fraud and forgery.
Officials suspect that the fraudsters are part of a wider syndicate operating online romance and crypto scams targeting professionals through matrimonial and dating websites. Cybercrime officers have urged people to stay cautious about unsolicited investment advice, especially from individuals met online.
“If someone you just met starts discussing money or investments, it’s a red flag,” an investigator said.
