Among the recent cryptocurrency scams, a Hyderabad-based businessman lost Rs.10 lakh to fraudsters.
The businessman, a resident of Musheerabad, received a message on WhatsApp a week ago with information about cryptocurrency trading and a link to join a ‘BTC group’. After joining the WhatsApp group through the link, he initially invested $500 and earned a profit of $100.
“Excited by this, he invested around Rs.10 lakh in a week, and the profit in his wallet was near to Rs.1 crore. As he attempted to withdraw the money, the conmen asked him to transfer Rs.20 lakh,” Cybercrime officials said, adding that he then approached the Hyderabad Cybercrime police.
A case has been filed and an investigation is underway.
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Four crypto fraud cases reported from Cyberabad in two weeks
Cyberabad has reported at least four crypto fraud cases in the past two weeks. The fraudsters, who promised good returns on cryptocurrency investments, duped investors mostly techies out of lakhs of rupees.
The first instance involved M Kameswara Rao, 36, a database engineer in a tech company based in Hyderguda who lost 2.34 lakh to the scam.
Another case involved Manchikanti Balaji Sasidhara Reddy, a software engineer and resident of Nizampet, who approached Cyberabad cyber crime police on May 13. A man claiming to be Ronald Crawford allegedly contacted him through Telegram and introduced him to a crypto investment company named BitOptionsFX.
He invested and tried to withdraw the cash, but fraudsters asked him to make another deposit to reach 100%, which was stuck at 59%. Reddy realized that the crypto investment company was a fraud and had duped him out of 40 lakhs.
Pranabananda Khillar, a resident of Banjara Hills and a private employee, filed a complaint with the Hyderabad cyber crime police on May 5. He claimed to have lost 1.4 lakh through Instagram on May 4.
On April 18, Siddartha Peddi, a lead consultant in a software company and a resident of Kukatpally, received a phone message that read, ‘BTC get rich VIP-48’. He lost 22 lakh.
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