Hyderabad Businessman Defrauded of ₹1.56 Crore in Elaborate Cryptocurrency Scam
A 62-year-old businessman from Kapra, Hyderabad, has fallen victim to a sophisticated cryptocurrency fraud, losing a staggering ₹1.56 crore to scammers operating fake trading portals. The Malkajgiri cyber crime police have registered a formal case and initiated a comprehensive investigation based on the victim's complaint, highlighting the growing threat of online financial scams in the digital age.
How the Scam Unfolded: From Initial Contact to Massive Losses
The victim first encountered the fraudulent websites, finaltofiscal.com and m.pfpgoldfx.vip, while browsing Facebook pages in August 2025. Lured by promises of expert guidance and exceptionally high returns on cryptocurrency investments, he registered on finaltofiscal.com. In a critical misstep, he shared his personal and banking details with the platform and began transferring funds for trading purposes.
"After an initial deposit of ₹50,000 appeared to yield a profit of ₹10,000, I continued to invest larger amounts," the victim recounted to the police, illustrating how the fraudsters used small, early gains to build false confidence.
The Deceptive Tactics Employed by the Fraudsters
A fraudster identifying herself as Amulya Reddy maintained regular contact with the victim through WhatsApp, sharing fabricated screenshots of supposed trading gains and instructing him to keep all transactions strictly confidential. This secrecy tactic is common in such scams to prevent victims from seeking advice or exposing the fraud.
When his displayed balance on the platform exceeded 50,000 USDT (approximately ₹45.3 lakh), the scammers introduced a new hurdle, demanding a "tax" payment of about ₹23 lakh to unlock withdrawal capabilities. Despite the victim complying with this demand, his funds remained inaccessible.
Escalation of the Fraud Across Multiple Platforms
Simultaneously, another agent named Sumathi enticed the victim to m.pfpgoldfx.vip, where he deposited an additional ₹50,000, followed by multiple larger transfers ranging between ₹2 lakh and ₹6.5 lakh. This platform soon displayed fictitious profits of ₹38.7 lakh, but again, a "transaction fee" of ₹6.27 lakh was demanded to release the funds.
The victim's realization dawned when he was consistently barred from withdrawing any money from either platform, even after paying all the amounts demanded by the fraudsters. This prompted him to approach the Malkajgiri Cyber Crime police on Monday to file an official complaint.
Financial Impact and Police Action
Between August 11, 2025, and January 9, 2026, the victim executed 23 separate transactions, transferring a total of ₹1.57 crore to the scammers. "I received only ₹72,087 from the fraudsters and suffered a net loss of ₹1.56 crore," the victim disclosed, underscoring the devastating financial blow.
Based on his detailed complaint, the police have registered a case under multiple sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, including:
- Sections 316(2) for criminal breach of trust
- 318(4) for cheating
- 319(2) for cheating by personation
- 338 for forgery of valuable security, will, etc.
- Sections 66C and 66D of the Information Technology Act
This case serves as a stark warning to investors about the risks associated with unverified online trading platforms and the importance of exercising extreme caution when dealing with cryptocurrency investments, especially those promoted through social media channels.
