A 47-year-old man from Miyapur, Hyderabad, has lost a massive ₹1.6 crore in a shocking online Bitcoin scam. He has now reported the incident to the Cyberabad Cybercrime Police, hoping for justice.
According to the victim, someone added his phone number to a Telegram group without his approval. In the group, a woman contacted him and claimed to be a cryptocurrency expert. She promised big profits through investing in Bitcoin and convinced him to start with small payments using e-wallets.
At first, he sent amounts like ₹10,000 to ₹20,000, and the group showed him that his money had doubled. Encouraged by these early returns, he decided to invest more. The scammers then told him to pay ₹5 lakh for a “membership” that would allow him to invest larger sums and earn even higher profits. They also demanded a 20% commission on his supposed earnings.
Trusting them, the man transferred a total of ₹1.02 crore to several bank accounts provided by the group. Later, when he wanted to withdraw from the scheme, the scammers claimed he had to pay an additional ₹30 lakh to cancel the contract. Believing their story, he paid again.
After this, the fraudsters kept demanding more money, citing fake charges until they had taken ₹1.6 crore in total. When he finally asked for his money and profits back, the scammers blocked him from all communication channels.
Realizing he had been tricked, the victim contacted the Cybercrime Police. Officials have filed a case and started an investigation. Authorities are now trying to track down the people behind this large-scale cryptocurrency fraud.
Victims of similar scams are urged to report immediately and avoid investing money through unknown online groups or Telegram channels.
