Hyderabad Retired employee loses ₹4.2 lakh in online trading scam
HYDERABAD: A 70-year-old retired employee from Old Malakpet has lodged a complaint with the Cyber Crimes Police, alleging that he was cheated of ₹4.2 lakh through an online international trading and investment scam operated via credit card payments.
According to the complaint, M Vinayaka Rao said he came across a video on December 16, 2025, while watching a digital news platform. The video appeared to be released by the Union government, the Ministry of Finance and the Ministry of External Affairs, and claimed approval by the Reserve Bank of India. The video carried a “Join Now” prompt, which he clicked, believing it to be genuine.
Credit card payments made after phone calls
Rao stated that after submitting his details, he received a phone call asking him to pay $200 to begin trading. He made the payment using his Axis Bank credit card through a link sent to him, following which ₹19,084.13 was debited.
He later received an international call from a person identifying himself as K Pankaj, who showed him a Binance trading account with the deposited amount and explained trading methods over the next two days. On December 18, 2025, the caller allegedly persuaded Rao to invest further, resulting in another credit card payment of ₹1,94,124.71, equivalent to $2,125.
Rao said the caller carried out transactions on the trading account and showed profits but did not transfer any amount to him, instead pressing for more investment.
Further payment made after pressure
The complainant said that to build confidence, the fraudsters later showed $40 under the withdrawal column of the trading account, which he was able to withdraw. However, calls demanding additional investment continued daily, and his repeated requests for a refund were refused.
On January 7, 2026, under pressure, he made a third payment of ₹2,08,582.77 using his State Bank of India credit card. Despite this, no refund was made, and further demands for money continued through calls and Telegram messages.
Rao said he later realised he had been cheated and approached the cyber crime police for investigation and justice.
Transaction and suspect details shared
The total amount lost, according to the complaint, is $4,676.73, equivalent to ₹4,21,791.61. The payments were made to entities listed as LAARNOBXE Learning, Gardensage Innovat and Techcode Crunch Ibadan.
He told police that calls were received different phone numbers. The individuals who contacted him identified themselves as K Pankaj, Adi and Rahul, claiming to be finance managers, and Gayatri, who allegedly handled online registration.
Police said the complaint is being examined and further action will be taken as per law.
