A 69-year-old businessman from Hyderabad has allegedly lost Rs. 2.65 crore in a sophisticated cryptocurrency and stock trading fraud that unfolded over several months. The victim was lured through social media by individuals promising high investment returns via a purported digital trading platform. After initially permitting a small withdrawal to build credibility, the fraudsters persuaded him to transfer substantial funds across multiple transactions. When he later attempted to withdraw his earnings, additional commission demands were made and communication ceased. Authorities have registered a case under provisions of the Information Technology Act and Bharatiya Nyaya Sanhita.
Social Media Contact Sparks Investment Pitch
The alleged fraud began on Aug. 30, 2025, when the businessman from Somajiguda was approached on Facebook by an individual posing as “Ramya Krishnan.” According to investigators, the suspect presented an opportunity to invest in cryptocurrency and stock markets through an online platform branded as Polyus Finance PFP Gold.
The platform purportedly offered high-yield returns, which the victim intended to use to finance proposed resort and apparel ventures. Investigators said the accused maintained daily communication with the victim, sharing screenshots that reflected notional profits credited in USDT cryptocurrency wallets.
Trust Built Through Token Withdrawal
In a calculated move to build confidence, the fraudsters allegedly allowed the businessman to withdraw Rs. 4,300 on Sept. 12, 2025. Such limited withdrawals are commonly used in online financial scams to create an illusion of legitimacy.
Encouraged by the apparent success, the victim transferred funds in 10 separate transactions between Sept. 10 and Dec. 39, 2025, depositing a total of more than Rs. 2.65 crore into various current accounts provided by the accused.
Authorities believe the staggered payments were structured to avoid triggering immediate suspicion.
Withdrawal Blocked, Additional Commission Demanded
When the victim later attempted to withdraw his accumulated “profits,” the fraudsters allegedly demanded an additional 15 percent conversion commission. Upon his refusal, the website reportedly became inaccessible, and phone calls to the accused went unanswered.
Realizing he had been deceived, the businessman filed a complaint through the National Cybercrime Reporting Portal before approaching the Hyderabad Cyber Crime Police on Feb. 25.
Legal Action and Ongoing Investigation
Police registered a case under Sections 66C and 66D of the Information Technology Act, which pertain to identity theft and cheating by impersonation using computer resources. Additional charges were filed under provisions of the Bharatiya Nyaya Sanhita, including organized crime, cheating, forgery and use of forged electronic records.
Investigators said they are analyzing financial transaction trails to identify the beneficiaries of the accounts used in the scheme and to trace the digital infrastructure behind the fraudulent platform.
Rising Threat of Crypto-Linked Investment Frauds
The case highlights a growing trend in which cybercriminals exploit the complexity of cryptocurrency markets to lure high-net-worth individuals. By combining social engineering, fabricated trading dashboards and staged withdrawals, perpetrators create convincing narratives of profitability.
Financial experts warn that investors should verify platform credentials, regulatory registrations and corporate disclosures before transferring funds. Unrealistically high returns and demands for additional fees prior to withdrawal are common warning signs.
Conclusion
The Hyderabad incident underscores the evolving sophistication of digital financial frauds targeting both experienced and aspiring investors. While cryptocurrency and online trading platforms offer legitimate opportunities, the absence of due diligence can expose individuals to severe financial harm.
Authorities continue their investigation, emphasizing the importance of early reporting and vigilance. As digital finance expands, regulatory enforcement and public awareness remain critical to curbing organized cybercrime in India’s rapidly growing investment landscape.
About Author
