Hyderabad man loses ₹1.8 crore in alleged AI crypto trading fraud via Instagram ad
HYDERABAD: A 69-year-old retired employee from Kukatpally has alleged that he lost ₹1,88,56,648 in an online crypto trading fraud after joining a platform promoted through an Instagram advertisement.
According to the complaint lodged on March 12, 2026, Kudumula Sambasiva Reddy, resident of Medical Society near Narayana College in Kukatpally, told police that he joined an AI-based trading service named “Naka Solutions” after seeing an advertisement on Instagram on November 20, 2025.
Reddy stated that he was contacted by a person identifying herself as “Siddarth Maheswari,” who claimed to be an advisor analyst helping investors trade in crypto and stock markets using artificial intelligence tools. She allegedly asked him to download a mobile application linked to NAKA Solutions and helped create a trading account using his email ID.
Initial small deposits followed by larger investments
The complainant said he initially deposited ₹23,000 (about $250) from his ICICI Bank account into the trading application. According to him, the platform showed small profits and even allowed a withdrawal of $3, which increased his confidence in the system.
Police said the suspects continued guiding him through group chats and trading instructions, claiming that their AI system would ensure “loss-free trades” and generate high returns.
Reddy later added more funds into the platform through various transactions converted from rupees to dollars. By December 9, 2025, his account allegedly showed profits of $90,000, and he attempted to withdraw $80,000.
Multiple fees demanded before withdrawal
The complainant alleged that the platform then began demanding several charges before releasing the funds. These included:
8% conversion fee – $6,400 on $80,000
Capital gains tax
Transaction fee
Gas fee
Crypto tax
Securities transaction tax (STT) charges
Swap charges
Overseas transaction fee
Declaration charges
After repeated payments, Reddy realised the application was allegedly fraudulent when the promised withdrawal was never processed.
Foreign phone numbers
The complaint names several contacts linked to the scheme, including phone numbers associated with “Naka Solutions,” “Naka Finance,” “Esha Pandey,” “Barcklays Williams,” and a person claiming to be a customs officer. Many numbers carried United Kingdom country codes (+44).
Police said the complainant transferred a total of ₹1,88,56,648 to the platform and received no money back.
Based on the complaint, police registered a case and began an investigation into the suspected cyber fraud. Authorities are examining the phone numbers, payment trails and application link used in the alleged scam.
