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When hard-earned savings disappear in front of your eyes, the pain is not just financial; it is deeply emotional. A 62-year-old businessman from Kapra in Hyderabad experienced this devastating reality after falling victim to a Cryptocurrency Trading Fraud that cost him Rs 1.56 crore.
Following his complaint, the Malkajgiri Cyber Crime Police registered a case and launched an investigation. Officials are now tracking digital evidence and banking transactions to trace those behind the scam.
A Social Media Click That Changed Everything
In August 2025, while browsing Facebook, the businessman came across two websites, finaltofiscal.com and m.pfpgoldfx.vip. Both platforms promised expert guidance and unusually high returns through cryptocurrency trading.
He began with an initial investment of Rs 50,000. Soon, his account reflected a profit of Rs 10,000. That small gain-built confidence and encouraged him to invest more. It seemed like he had discovered a golden opportunity.
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WhatsApp Guidance and Growing Investments
A woman identifying herself as Amulya Reddy stayed in constant touch with him over WhatsApp. She shared screenshots showing rising profits and assured him that his investments were performing exceptionally well. His displayed balance eventually crossed 50,000 USDT, roughly equal to Rs 45 lakh.
However, when he tried to withdraw the amount, he was asked to pay Rs 23 lakh as tax to unlock the funds. Trusting the process, he transferred the amount. The money was still not released.
The Same Trap on Another Platform
Meanwhile, another person named Sumathi persuaded him to invest through a second website. He again started with Rs 50,000 and gradually transferred larger amounts ranging from Rs 2 lakh to Rs 6.5 lakh.
The platform showed a fictitious profit of Rs 38.7 lakh. But to withdraw the funds, he was asked to pay Rs 6.27 lakh as a transaction fee. Even after repeated payments, withdrawals were blocked. That was when he realized he had been deceived.
23 Transactions and a Massive Loss
Between August 11, 2025 and January 9, 2026, he made 23 separate transactions totaling Rs 1.57 crore. In return, he received only Rs 72,087. The total loss stood at Rs 1.56 crore.
Police have registered the case under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act. The investigation is ongoing.
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Why Cryptocurrency Trading Fraud Is Increasing
In recent years, frequent regulatory changes and rising charges in the Indian financial markets have left many small investors and traders frustrated. Higher brokerage fees, taxes, and compliance complexities have pushed some individuals toward cryptocurrency markets, which appear more flexible and potentially more rewarding.
This shift has created what many see as a golden phase for crypto adoption. Unfortunately, scammers also see it as a golden opportunity. They exploit trust, technology, and the lure of quick profits to trap even experienced investors.
Stay Alert Before You Invest
To protect yourself from similar frauds, remember a few essential precautions.
- Verify the authenticity of any trading platform before investing
- Be cautious of guaranteed or unusually high returns
- Repeated demands for taxes or fees before withdrawal are major red flags
- Never share personal or banking details without proper verification
Trust, But Verify
This incident is not just one man’s story. It is a cautionary tale for thousands of investors exploring new financial avenues in a rapidly changing market environment. Wanting better returns is natural, but blind trust in unknown platforms can be dangerous.
Cryptocurrency Trading Fraud cases remind us that in the digital world, one careless decision can wipe out years of hard work.
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Disclaimer:
This article is based on the police complaint and initial investigation details available at the time of reporting. All allegations are subject to verification and legal proceedings. Readers are advised to conduct their own research and consult financial experts before making any investment decisions.
Dr. Bidyut Barun Sarmah, with 22+ years of experience in print, electronic, and digital media, holds an MA and PhD in Mass Communication and Journalism. He has worked with AIR, Doordarshan, and the Publication Division under the Ministry of Information and Broadcasting. A published author and researcher, Dr. Sarmah writes extensively in both Assamese and English. He was also awarded a prestigious fellowship by the Ministry of Culture, Government of India, for his study on journalistic literature—an achievement that highlights his depth of scholarship and contribution to media studies. At Nest of News, he leads the editorial team and contributes across diverse topics.