Hyderabad Cyber Fraud: ₹4.4 Crore Lost in Investment, Digital Arrest, and Crypto Scams

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Cyber Fraudsters Target Senior Citizens in Hyderabad, Steal ₹4.4 Crore

A recent spate of cybercrime incidents in Hyderabad has seen three senior citizens lose a combined total of ₹4.4 crore to online scams.

Investment Scam

A 62-year-old man was duped out of ₹1.72 crore through an investment scam. The victim was lured into joining an online investment group, where he was promised higher returns through block trades, Qualified Institutional Placement (QIP) stocks, and IPO allotments. The scammers convinced him that he was investing through an institutional trading account, which would provide higher returns compared to ordinary investors.

The victim transferred ₹5 lakh to a bank account shared by the group administrators and was shown a website and online dashboard displaying rapidly increasing profits. However, when he attempted to withdraw the amount, he was asked to pay a commission of ₹65 lakh. Despite paying the demanded amount, the withdrawal option was disabled, and the accused stopped responding.

Digital Arrest Scam

A 76-year-old retired employee was targeted in the second incident, losing ₹80 lakh to a digital arrest scam. The victim received a phone call from a person claiming to be an official from the telecommunications department, stating that a SIM card had been purchased in Mumbai using his Aadhaar card and was being used for illegal activities.

The victim was warned that a criminal case had been filed against him and was instructed to transfer ₹80 lakh through various transactions to avoid arrest.

Cryptocurrency Trading Scam

In the third incident, a 69-year-old retired government employee lost ₹1.89 crore to a cryptocurrency trading scam. The victim came across an advertisement for an AI-based trading service on Instagram and was contacted by a woman claiming to be an investment advisor.

The victim invested in the platform, which initially showed small profits, but when he attempted to withdraw ₹74 lakh, the platform began demanding multiple charges, including conversion fees, taxes, and transaction fees. Despite making several payments, the victim was not allowed to withdraw any funds.

Cybercrime experts warn that such scams often rely on social engineering techniques, exploiting people’s fear, greed, and desire for quick profits.

Authorities have urged citizens to verify the authenticity of any investment offers, suspicious calls, or online trading platforms before transferring money and to immediately report suspicious activities to cybercrime authorities.