Hyderabad man loses over Rs. 8 lakhs in fake Bitcoin investment scam
Hyderabad: A 50-year-old male private employee in Hyderabad fell victim to a cyber fraud and lost a total of Rs. 8,59,000 (Eight lakh fifty-nine thousand) in a fake Bitcoin investment scam. The Cybercrime police reported that the victim received a message on his phone about a lucrative investment opportunity in Bitcoin.
The scammer, posing as a representative of a company named “KIBHO Company,” convinced the victim of high returns through online cryptocurrency trading. The fraudster persuaded the victim to invest through their website and even provided Paytm, Google Pay, and PhonePe numbers for transferring funds.
Believing the legitimacy of the company, the victim transferred a total of Rs. 8,59,000 (Eight lakh fifty-nine thousand) through Google Pay and online transactions (IMPS mode) after receiving confirmation messages from the fake company.
However, after the initial investment, the victim received no returns and the company website displayed frequent changes in rules and procedures. The scammers pressured the victim for further investments with promises of high returns and additional benefits like mobile phones, bikes, cars, and even flats.
Police said that the situation deteriorated further when the company changed the victim’s online account password without his knowledge, leaving him with no access to his account or any way to verify the status of his investments. Attempts to contact the company and the scammers through phone calls and WhatsApp messages proved no use and with no response received to date. The victim requested the Cybercrime police to take necessary action against them.
Public Advisory:
Fraudsters often target unsuspecting victims on social media platforms like Telegram, WhatsApp, Instagram, and Facebook by promoting fake trading apps and websites. They lure victims with promises of high returns and fabricate profit screenshots to gain their trust. Authorities urge individuals to be cautious and never fall prey to such schemes.
If you become a victim of cyber financial fraud, report the incident immediately by calling the Cyber Crime Helpline number 1930 or visiting cybercrime.gov.in. For emergencies, call or WhatsApp 8712665171.
