The Cybercrime Police of the Rachakonda Commissionerate in Hyderabad have launched investigations into two major financial fraud cases, where senior citizens were cheated out of their life savings totaling more than Rs 3.2 crore. The scams involved sophisticated fake cryptocurrency arbitrage and stock trading platforms that promised high returns.
Retired Defence Employee Loses Rs 2.58 Crore in Crypto Scam
In the first incident, a 61-year-old retired defence accounts department employee from AS Rao Nagar approached the police on Thursday. The victim stated that he was lured into a fraudulent scheme after joining a Telegram channel named AP Helping Hand India. The channel's administrator, who identified himself as stock trader Aman Kumar, promised lucrative profits through cryptocurrency arbitrage.
The fraud began on September 4, 2025, when the victim paid an initial registration fee of Rs 8,500. Following instructions, he downloaded a crypto wallet called Base via a link provided by the scammers and shared his personal and banking details. His account was then managed by a fraudster posing as Ajit Doval, who claimed to be the platform's profit-distribution manager.
To build false trust, the scammer displayed a manipulated balance of Rs 4.55 crore on the victim's app dashboard. Between September 4 and December 27, 2025, the retired official transferred over Rs 2.58 crore for purported investments, taxes, and various charges. When his withdrawal attempts failed repeatedly, even after paying all demanded fees, he grew suspicious. The fraudsters then demanded an additional Rs 80 lakh, which finally made him realize he had been cheated, leading him to file a police complaint.
A case has been registered under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and Sections 66C and 66D of the IT Act.
Ex-Bank Manager Defrauded of Rs 63.15 Lakh via WhatsApp
In a strikingly similar case reported on Friday, a 69-year-old retired bank manager from Chaitanyapuri was swindled of more than Rs 63.15 lakh. The scam originated from a WhatsApp message sent from an international number, claiming association with a stock trading firm called "Na** Solutions."
The victim registered on a fake portal using the provided link and made an initial investment of Rs 13.56 lakh. Subsequently, the fraudsters continuously demanded more money under various pretexts such as tax, insurance, and release fees. The retired banker paid these amounts until he had exhausted all his savings, with the total loss exceeding Rs 63.15 lakh.
Even after paying the huge sum, the scammers kept asking for additional funds to process the withdrawal. Realizing he was trapped in an endless cycle, the victim approached the Rachakonda cybercrime police on Friday. Another case has been filed under the BNS and IT Act provisions.
Police Warning and Public Advisory
The Rachakonda Cybercrime Police have highlighted the sophisticated nature of these scams, which specifically target elderly individuals. The fraudsters use professional-looking platforms, falsified balances, and impersonate credible figures to create an illusion of legitimacy.
Key warning signs from these cases include:
- Unsolicited contact via messaging apps like Telegram or WhatsApp.
- Promises of guaranteed high returns with little risk.
- Pressure to pay additional fees, taxes, or charges to withdraw funds.
- Requests for personal banking details and remote access to devices.
The police urge citizens, especially seniors, to exercise extreme caution with online investment offers and to verify the authenticity of any platform through official channels before transferring money. They advise the public to immediately report any suspicious activity to the cybercrime helpline.
