A man from Hyderabad has fallen victim to a crypto investment scam, losing a staggering Rs 1.6 crore through a fraudulent scheme operated via a Telegram group.
The victim, who was approached through the messaging app, was promised high returns on his cryptocurrency investments. The scamsters managed to convince him to transfer large sums of money to various accounts, claiming they would be used to trade in cryptocurrency.
However, as the man began to request withdrawals, he realized that the operators behind the scheme had vanished. When he tried to contact them, he found that both the Telegram group and the associated accounts were no longer active.
The victim reported the incident to the police, who have initiated an investigation. Authorities are working to track down the culprits and have warned the public to be cautious about online investment schemes, especially those promoted via unverified channels like social media and messaging apps.
Experts have urged people to be wary of promises of quick and high returns in the crypto market, as such schemes are often designed to deceive individuals.
The police have advised the public to report suspicious investment offers and to verify the legitimacy of such opportunities before making any financial commitments.
