A 52-year-old former software professional from Nizampet in Hyderabad lost over Rs 2.9 crore after falling victim to a cryptocurrency investment scam orchestrated through a fraudulent online platform. The Cyberabad police registered a cheating case on Wednesday based on his complaint.
How the scam unfolded
The victim, a resident of Nizampet, was approached by a fraudster posing as Jyothsna Reddy on Facebook in June 2025. After the victim accepted her friend request, she claimed to be a bridal dress designer based in Bengaluru and later revealed that she was also involved in cryptocurrency investments.
The fraudster persuaded the victim to install a fraudulent application called Goldblockchainx, where she created an account for him. She then guided him on how to trade using the app.
Initial investment and false profits
Initially, the victim invested Rs 50,000. He was allowed to withdraw a small amount, which convinced him that the platform was genuine. As the app dashboard began showing substantial profits, he continued transferring money to multiple bank accounts and UPI IDs provided by an inbuilt chatbot on the platform.
The victim was told that the bank accounts belonged to franchisees of the company, who converted Indian rupees into dollars before crediting them to the trading platform.
Massive losses
Between July 11 and September 8, 2025, the victim transferred a total of Rs 2.9 crore. Despite paying additional amounts for taxes and clearance charges, he was never allowed to withdraw the funds. The fraudster never shared a phone number or address and avoided video calls.
The victim finally realized he had been cheated and approached the police. The Cyberabad police have registered a case and are investigating the matter.
