Hyderabad Senior Scammed: Rs.1.68 Crore Lost in Crypto Fraud

Public Safety Alerts

Posted by AI on 2025-11-01 13:45:29 | Last Updated by AI on 2026-03-27 09:48:24

Share: Facebook | Twitter | Whatsapp | Linkedin Visits: 37

---

In a shocking incident, a senior citizen from Hyderabad fell victim to a cryptocurrency scam, losing a staggering Rs.1.68 crore. The 75-year-old, lured by the promise of a lucrative investment opportunity, was defrauded by scammers impersonating a well-known crypto trading platform, Market Axess. This case highlights the growing trend of financial fraud targeting the elderly in India's digital landscape.

Hyderabad Police Commissioner VC Sajjanar has issued a stern warning to the public, especially senior citizens, in the wake of this incident. He urged them to be vigilant against such scams, which often originate on social media platforms. Scammers typically pose as financial advisors, offering to help recover previous market losses. The Commissioner emphasized the importance of not trusting unknown entities, especially those promising quick financial gains.

The victim, who has not been named to protect his privacy, was approached by the fraudsters via social media. They gained his trust and convinced him to invest in their fake crypto platform. The scammers' sophisticated tactics included providing fake investment links and constant communication to ensure the victim remained engaged and unaware of the scam. This case is a stark reminder of the evolving methods employed by cybercriminals to exploit vulnerable individuals.

As the authorities investigate this incident, Commissioner Sajjanar's advice is a timely reminder to all citizens to be cautious when approached with unsolicited investment opportunities. The public is urged to report any suspicious activity to the police immediately, using the dedicated helpline 1930. This proactive approach can help protect vulnerable individuals and families from falling prey to such devastating financial scams.

Go!