Retired Employee Duped of Rs 1.6 Crore in Cryptocurrency Scam
Hyderabad: An 82-year-old retired employee from BHEL Township has allegedly lost over Rs 1.6 crore in an online cryptocurrency trading scam. The fraudsters lured him to their platform through a fake promotional video featuring Union Finance Minister Nirmala Sitharaman.
The victim filed a complaint with the Cyberabad cybercrime police on June 17, stating that the fraud began in December 2025 when he came across a video on a social media platform purportedly showing Nirmala Sitharaman promoting a company called 'Naka Solutions'.
After clicking on a link attached to the video and submitting his contact details, the victim was contacted through WhatsApp by a man identifying himself as Arjun Reddy. Posing as a financial adviser with 'Naka Solutions', Arjun persuaded the victim to invest through the company's cryptocurrency trading platform. He also claimed to have created a login account for the victim but never shared the credentials.
Convinced by videos of purported investors who claimed to have earned huge profits by investing, the victim began transferring money to bank accounts provided by Arjun Reddy. 'He used to send weblinks through which I could check my account balance,' the victim said.
Between February 6 and March 31, the victim transferred over Rs 1.6 crore to various bank accounts provided by the accused. As the virtual platform showed his earnings were Rs 3 crore, he attempted to withdraw the amount. Another fraudster, identifying himself as company representative Suraj Reddy, allegedly demanded Rs 20 lakh as a withdrawal fee.
'I became suspicious and realised that I was cheated. My lifetime savings, including money borrowed through a loan, were lost. Later I found out that they had created a forged app,' the victim told police.
On his complaint, a case was registered under relevant sections of the BNS and the IT Act on June 17 at Cyberabad cybercrime police station.
Modus Operandi of the Scam
The scam involved a fake video of a high-profile figure to gain credibility. The fraudsters used social media platforms to spread the video and then contacted victims via WhatsApp. They created a false sense of security by providing weblinks to check account balances, which showed inflated profits to encourage further investments.
Police Investigation
Cyberabad cybercrime police have registered a case and are investigating the matter. Authorities urge citizens to be cautious of investment schemes promising high returns and to verify the authenticity of platforms before transferring money.
