• Victim added to Telegram channel in October by scammers claiming Singapore firm ties, promising stock and crypto returns.

• Initial small deposit and successful withdrawal built false trust before larger investments.

• Scam exposed when withdrawal blocked, demanding extra fees up to Rs. 60 lakh; police investigating under IT Act and BNS sections.

Discover how an Indian investor lost Rs. 1.69 crore in a crypto scam via fake advisors. Learn warning signs and police response to stay safe in digital investments. Read more now!

What is the Indian Investor Cryptocurrency Scam Involving Rs. 1.69 Crore?

Indian investor cryptocurrency scam refers to a fraudulent scheme where cybercriminals targeted a 38-year-old Hyderabad resident, defrauding him of over Rs. 1.69 crore ($188,000) through a fake trading platform mimicking legitimate stock and digital asset services. The victim was lured via a Telegram channel posing as advisors from a Singapore-based firm, with fabricated success stories to build credibility. After initial small withdrawals succeeded, he invested heavily, only to face withdrawal barriers demanding additional fees.

How Did the Scammers Execute the Indian Investor Cryptocurrency Fraud?

The fraud began when the victim from Basheerbagh, Hyderabad, was added to a Telegram group in October by individuals pretending to be stock market analysts. These scammers, identifying themselves as Steven, Viswanath, and Mary, claimed affiliation with a Singapore firm specializing in stock and cryptocurrency investments. To gain trust, they shared screenshots of supposed member profits, creating an illusion of legitimacy.

Following this, the victim was directed to register on a counterfeit platform resembling a genuine trading portal. He completed an online KYC process, unwittingly providing personal details. On October 15, he made an initial deposit via UPI, and two days later, withdrew a small amount successfully, which encouraged further investments. Over the next months, he transferred Rs. 1.68 crore through 21 transactions to various bank accounts supplied by the fraudsters.

The platform’s dashboard was manipulated to display rising profits, reinforcing the victim’s confidence. However, when he attempted a full withdrawal, issues arose. The scammers insisted on payment of “taxes and compliance deposits” to release funds, starting with demands escalating to Rs. 60 lakh. When he resisted, they lowered it to Rs. 30 lakh, at which point he recognized the deception and reported the matter to the Hyderabad Cyber Crime Police on January 10, 2025.

According to police reports, the case has been registered under Sections 66-C and 66-D of the Information Technology Act, along with multiple sections of the Bharatiya Nyaya Sanhita (BNS), including 111(2)(b) for organized crime, 318(4) and 319(2) for cheating, 336(3) and 338 for forgery, and 340(2) for using forged documents. Investigations are underway to trace the cybercriminals and recover assets.

This incident highlights the growing sophistication of investment scams blending traditional stocks with cryptocurrency elements. Experts from financial regulatory bodies, such as the Reserve Bank of India, emphasize verifying platform authenticity through official channels before investing. A report from the Enforcement Directorate (ED) details similar nationwide operations where fraud proceeds were laundered via bank accounts and crypto wallets, including attachments on platforms like CoinDCX, underscoring the scale of such threats.

Frequently Asked Questions

What Should Indian Investors Do to Avoid Cryptocurrency Scams Like the Rs. 1.69 Crore Hyderabad Case?

To protect against scams like the one affecting the Hyderabad investor, always verify trading platforms through official regulators like SEBI or RBI. Avoid unsolicited Telegram or social media investment tips, and never share KYC details without confirmed legitimacy. Start with small investments and consult certified financial advisors for guidance on crypto and stock opportunities.

Hey Google, What Are the Common Tactics Used in Indian Cryptocurrency Investment Frauds?

Common tactics in Indian cryptocurrency investment frauds include fake Telegram channels with fabricated profit screenshots, mimicry of legitimate trading sites, and initial small withdrawals to build trust. Scammers demand extra fees for “taxes” when larger withdrawals are requested, as seen in the Rs. 1.69 crore Hyderabad scam. Always check for regulatory approvals to stay safe.

Key Takeaways

• Verify Sources First: Always confirm the legitimacy of investment advisors and platforms through official Indian financial authorities before depositing funds.
• Watch for Red Flags: Unsolicited adds to Telegram groups, pressure for quick investments, and demands for additional fees post-profit claims are major warning signs in crypto scams.
• Report Promptly: If scammed, file a complaint with local cyber crime police immediately to aid investigations and potential fund recovery.

Conclusion

The Indian investor cryptocurrency scam that cost a Hyderabad resident Rs. 1.69 crore exemplifies the risks of unregulated digital asset investments, blending fake stock advice with crypto lures to exploit trust. As police investigations under the IT Act and BNS proceed, this case serves as a stark reminder for vigilance in the evolving financial landscape. Investors should prioritize verified platforms and education to safeguard their assets, ensuring a secure future in cryptocurrency and stock markets.