A businessman from Kapra, Hyderabad, fell victim to a fraudulent cryptocurrency scheme, losing approximately Rs 1.6 crore. The 62-year-old reported the crime to the Malkajgiri cybercrime unit, which subsequently launched an investigation.
Details of the Cryptocurrency Scam
The victim discovered the fraudulent trading sites, finaltofiscal.com and m.pfpgoldfx.vip, while browsing Facebook in August 2025. He was drawn in by the promise of expert advice and substantial financial returns, prompting him to register on finaltofiscal.com.
Initial Investments and Promised Returns
Initially, the businessman invested Rs 50,000, which appeared to generate a profit of Rs 10,000. Encouraged by this supposed success, he began investing larger amounts.
- Contacted by a fraudster named Amulya Reddy via WhatsApp.
- Received fake financial reports to build trust.
- Was instructed to keep all transactions confidential.
As his balance reportedly exceeded 50,000 USDT (about Rs 45.3 lakh), he was asked to pay a ‘tax’ of around Rs 23 lakh to access his funds. After complying, the withdrawals were still blocked.
Continued Deception
Another scam agent, identified as Sumathi, led him to m.pfpgoldfx.vip. Here, he invested an additional Rs 50,000 and continued to send amounts between Rs 2 lakh and Rs 6.5 lakh.
The application displayed false profits of Rs 38.7 lakh but demanded a transaction fee of Rs 6.27 lakh to release the funds. Despite paying these fees, the scammer refused to authorize any withdrawals.
Overall Financial Impact
The victim realized he had been duped after he was unable to retrieve his funds. He approached the Malkajgiri Cyber Crime police on January 9, 2026, having conducted 23 transactions from August 11, 2025, to January 9, 2026. In total, he transferred Rs 1.57 crore, receiving only Rs 72,087 back from the scammers.
Legal Actions Taken
Based on the victim’s statement, authorities registered a case involving multiple charges:
- Sections 316(2) – Criminal breach of trust
- Section 318(4) – Cheating
- Section 319(2) – Cheating by personation
- Section 338 – Forgery of valuable security
- Sections 66C and 66D of the Information Technology Act
This case highlights the increasing prevalence of cryptocurrency scams, urging individuals to exercise caution when investing in digital currencies.
