A 47-year-old man in Hyderabad lost Rs 1.6 crore to cyber fraudsters via a fake Telegram group promising massive returns on Bitcoin investments. Cyberabad Police have launched an investigation. Lured by promises of high returns on Bitcoin investments through a Telegram group, a Hyderabad-based private employee lost Rs 1.6 crore to cyber scammers. The fraudsters manipulated him through staged profits, commissions, and emotional pressure tactics.
Bitcoins, Promises, and a Vanishing Act
In a stark reminder of the rising threat of cryptocurrency scams, a 47-year-old private sector employee from Miyapur, Hyderabad, has become the latest victim of a meticulously executed cyber fraud. The man lost Rs 1.6 crore to online scammers who preyed on his trust and aspirations of quick financial gains through Bitcoin investments.
The victim, whose identity is being withheld for privacy, was added without consent to a Telegram group that appeared to offer legitimate investment tips. A woman posing as a financial advisor initiated conversation and soon convinced him that his modest initial investments of Rs 10,000 to Rs 20,000 had doubled within hours — an illusion designed to lure him further.
ALSO READ: Call for Cyber Experts: Join FCRF Academy as Trainers and Course Creators
From Hook to Heist: The Manipulation Tactics
Once the victim expressed interest, the fraudsters escalated their demands. They claimed that to unlock higher investment tiers and returns, he had to pay Rs 5 lakh as a membership fee. They also insisted on a 20% commission on profits. Enticed by what appeared to be rapid gains, the man complied sending over Rs 1.02 crore to multiple bank accounts over several transactions.
Things took a darker turn when he attempted to terminate the so-called investment contract. The scammers demanded an additional Rs 30 lakh, falsely citing it as a contractual commission. Believing he was close to retrieving his profits, he paid that as well. Over time, citing various fake expenses and fees, the fraudsters managed to extract a total of Rs 1.6 crore.
But when he finally asked for the returns, they vanished blocking his number and ceasing all communication.
Cyberabad Police on the Trail
The victim approached the Cyberabad Cybercrime Police, who have now registered a formal complaint and initiated an investigation. Officials suspect the involvement of an organized cyber fraud network, likely operating through disposable bank accounts and international communication platforms to evade detection.
It’s a classic crypto scam pattern — manipulation through psychological pressure, false rewards, and layering of demands, a senior official told reporters. We are tracing the money trail and coordinating with financial institutions and digital wallet companies.
Police have urged citizens to stay away from unsolicited investment opportunities on platforms like Telegram and WhatsApp, and to verify the credentials of any financial advisor before transferring money. The case highlights not only the emotional manipulation involved in such scams but also the urgent need for greater awareness and regulatory oversight in the cryptocurrency domain.
Key Takeaways:
- Platform used: Telegram
- Scam type: Crypto investment fraud
- Total loss: Rs 1.6 crore
- Stage 1: Doubling initial investments to lure trust
- Stage 2: Rs 5 lakh membership fee, 20% commission
- Stage 3: Rs 30 lakh demanded to terminate “contract”
- Final stage: Victim blocked; scammers disappear