Hyderabad Businessman Defrauded of ₹2.65 Crore in Elaborate Crypto-Stock Investment Scam
In a distressing case of financial fraud, a 69-year-old businessman from Somajiguda, Hyderabad, has reportedly lost a staggering ₹2.65 crore in what authorities are investigating as a sophisticated cryptocurrency and stock investment scam. Following the victim's formal complaint, the Hyderabad Cyber Crime police have officially registered a case, initiating a detailed probe into the multi-crore deception.
How the Elaborate Fraud Unfolded
The fraudulent scheme began on August 30, 2025, when the complainant was initially contacted through Facebook by an individual falsely claiming to be actress Ramya Krishnan. This imposter skillfully persuaded the elderly businessman to invest in a platform named Polyus Finance PFP Gold, which was hosted at the domain pfpgoldfx.vip. The fraudster presented enticing promises of high returns, specifically tailored to finance the victim's proposed resort and apparel business ventures.
To maintain daily communication and build a facade of legitimacy, the accused provided the victim with a contact number. They regularly sent fabricated screenshots displaying notional profits credited to his wallet in USDT cryptocurrency, creating an illusion of successful trading. In a calculated move to foster trust, the fraudster even permitted a token withdrawal of ₹4,300 on September 12, 2025.
The Massive Financial Drain and Subsequent Discovery
Encouraged by the apparent profitability and the small withdrawal, the victim proceeded to transfer over ₹2.65 crore across 10 separate transactions between September 10 and December 39, 2025. These funds were directed to various current accounts supplied by the fraudsters. The situation turned critical when the businessman attempted to access his accumulated 'earnings.'
At this juncture, the accused demanded an additional 15% conversion commission before allowing any withdrawal. Upon the victim's refusal to pay this extra fee, the website abruptly became inaccessible, and all calls to the provided contact numbers went unanswered. Realizing he had been thoroughly duped, the victim first filed an online report on the National Cybercrime Reporting Portal (NCRP) before formally approaching the Hyderabad Cyber Crime police on February 25.
Legal Action and Ongoing Investigation
Based on the detailed complaint, the Cyber Crime police have registered a comprehensive case under multiple legal provisions. The charges include:
- Sections 66C and 66D of the Information Technology Act
- Sections 111(2)(b) (Organised crime) of the Bharatiya Nyaya Sanhita
- Section 318(4) (Cheating)
- Section 319(2) (Cheating by personation)
- Section 336(3) (Forgery for purpose of cheating)
- Section 338 (Forgery of valuable security, will, etc.)
- Section 340(2) (Using as genuine a forged document or electronic record)
Authorities are currently analyzing the intricate financial transactions to trace the money trail, identify the perpetrators, and effect their arrest. This case highlights the escalating threat of cyber-enabled financial frauds targeting individuals with promises of lucrative returns.
