Hyderabad man duped of Rs.14.87 lakh in crypto fraud

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Mohammed Rayees 24 Feb 2025 7:47 PM

News in short:

A man from Manikonda, Hyderabad, was allegedly defrauded of Rs. 14.87 lakh by a woman he met on the Bharat Matrimony website. The woman, Amrutha Reddy, lured him into a fraudulent cryptocurrency scheme after feigning interest in marriage. She convinced him to invest in a platform where her brother supposedly worked, encouraging him to make multiple deposits while promising matching funds to gain his trust. The victim initially withdrew a small amount, but was then asked to pay a 30% tax to withdraw his larger investment. Realizing the scam, he contacted the police and filed a complaint. The police have registered a case and are investigating the matter.

Hyderabad: A man from Manikonda was allegedly cheated of Rs. 14.87 lakh by a woman he had met on a matrimonial website, after she lured him into investing in a fraudulent cryptocurrency scheme.

According to the complainant, the victim met a woman named Amrutha Reddy on the Bharat Matrimony website. After exchanging contact numbers, they started communicating over text messages for a month but never spoke on the phone.

One day Amrutha suddenly expressed her interest in marrying him and they continued chatting about their alliance. During the conversation, she claimed that she was into crypto and gold mining on a platform where her brother worked and taught her about the process of trading.

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After she was convinced that the victim believed her, she introduced him to the platform and encouraged him to invest money, promising to match his deposits to establish credibility.

The victim made an initial investment of Rs. 50,000 in the scheme. A few days later Amrutha allegedly pressured him into making additional deposits and he transferred Rs. 49,000, Rs. 5,31,200, and Rs. 8,57,081 in separate transactions. To gain his trust, she allowed him to withdraw Rs. 11,000 successfully.

However, on February 5, after making a final deposit of Rs. 8,57,081, he was informed that he needed to pay an additional 30 percent tax to withdraw his funds. This made him suspect the whole scheme and when he confronted Amrutha she continued to insist on the platform’s legitimacy and urged him to make further deposits.

At this point, he refused to make further deposits and demanded his money back. He also said that Amrutha initially contacted him from one number but later asked him to delete it and switched to another number.

Realizing that he had been defrauded, the victim approached the police and lodged a complaint stating he suffered a financial loss of Rs. 14,87,281. Based on his complaint, the police have registered a case (483/2025) under various sections 318(4), 319(2) of BNS and Sec 66-D of IT Act 2000-2008 and launched a probe into the matter.