A 74-year-old retired professor from the University of Hyderabad fell victim to a sophisticated cryptocurrency investment scam, losing Rs 3.2 crore. The Telangana Cyber Security Bureau (TGCSB) registered a case on Monday following the complaint.
How the Scam Unfolded
According to the complaint, the victim, a resident of Hyderguda, was first contacted on Facebook in August 2025 by a woman identifying herself as Rishita Reddy. She claimed to be a Vijayawada-based CEO of a tea trading firm and a cryptocurrency expert. To gain trust, she also allegedly introduced herself as the daughter of an Army commander.
The fraudster persuaded the victim to invest through a platform named Gold Block Chain (gbcxvault.com). Initially, fabricated profits were displayed to build confidence. Between August 29, 2025, and March 3, 2026, the victim transferred over Rs 3.2 crore to 46 bank accounts across 14 states, following her instructions.
Financial Ruin and Family Involvement
After exhausting his own savings, the professor borrowed money from close family members, including his brother, sister, and a cousin. The accused continued to demand funds under various pretexts such as taxes, compliance charges, processing fees, and withdrawal authorization.
The scam came to light when the fraudster demanded an additional $8,000 on March 16, raising suspicion among the victim and his family. He filed an initial complaint on the National Cyber Crime Reporting Portal on April 25, followed by a formal complaint with TGCSB.
Legal Action and Investigation
Police registered a case under Section 66-D of the IT Act and relevant provisions of the Bharatiya Nyaya Sanhita (BNS) related to cheating and impersonation. Officials said the money trail spans multiple accounts and is under detailed analysis to identify and apprehend the accused.
This incident highlights the growing threat of cryptocurrency scams targeting individuals through social media platforms. Authorities urge the public to exercise caution and verify investment opportunities before transferring funds.
