Miyapur Man Loses Rs 1.6 Crore in Online Bitcoin Scam

A man from Miyapur has lodged a complaint with the Cyberabad Cybercrime police, alleging he was cheated of Rs 1.6 crore by cyber fraudsters operating through a Telegram group, promising high returns on cryptocurrency investments.

The 47-year-old private employee informed authorities that his mobile number was added to a Telegram group without his consent, where a woman initiated contact, offering investment advice in Bitcoin. Claiming lucrative returns, she persuaded him to make small initial investments through e-wallets.

The man reportedly transferred amounts ranging between Rs 10,000 and Rs 20,000 at first. Seeing those amounts allegedly double in value, he was convinced to invest more. He was then told to pay Rs 5 lakh for a membership that would allow him to invest higher sums and earn greater profits. The fraudsters also asked for a 20 per cent commission on the gains.

Following these instructions, he sent Rs 1.02 crore to the bank accounts shared by the group. Later, when he sought to end the arrangement, the group demanded Rs 30 lakh as commission for contract termination, which he paid. Citing various additional charges, the group ultimately extracted a total of Rs 1.6 crore.

When the complainant requested the return of his funds and profits, he was blocked from all communication channels. Realizing he had been deceived, he approached the Cybercrime unit.

A case has been registered under relevant sections, and an investigation is underway. Police are working to identify and trace the individuals involved in the fraud.