Cryptocurrency scammers on prowl, Hyderabad CP warns

Hyderabad: HyderabadPolice Commissioner VC Sajjanar has issued a stern warning to senior citizens to be extra cautious of fraudulent cryptocurrency trading schemes that are increasingly targeting the elderly through social media.

The caution follows a recent case where a 75-year-old person from Hyderabad was duped of Rs 1.68 crore after falling prey to a fake crypto trading platform named “Market Axess” operated by scammers.

Commissioner Sajjanar emphasised that fraudsters often pose as financial advisors or offer help to recover old losses to lure victims into investing in fake schemes. He urged seniors not to trust unsolicited investment offers or unknown financial advisors and advised them to immediately report any suspicious activity by calling the dedicated cybercrime helpline number 1930.

The Commissioner also highlighted that cybercriminals use sophisticated tactics, including AI-driven scams and deepfake impersonations, to deceive victims, making it crucial for citizens to verify any suspicious requests for money or financial information through trusted channels.

Authorities have intensified awareness campaigns to educate the public on protecting themselves from online financial fraud, urging people never to share sensitive data such as bank details, OTPs, or Aadhaar information with unverified sources.