{"id":4822,"date":"2026-03-12T12:00:00","date_gmt":"2026-03-12T06:30:00","guid":{"rendered":"https:\/\/tradebrains.in\/crypto\/?p=4822"},"modified":"2026-03-11T16:57:47","modified_gmt":"2026-03-11T11:27:47","slug":"hyderabad-consultant-loses-%e2%82%b93-54-crore-to-fake-crypto-and-forex-trading-portals","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/crypto\/hyderabad-consultant-loses-%e2%82%b93-54-crore-to-fake-crypto-and-forex-trading-portals\/","title":{"rendered":"Hyderabad Consultant Loses \u20b93.54 Crore to Fake Crypto and Forex Trading Portals"},"content":{"rendered":"\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong><em>Synopsis: <\/em><\/strong><em>A 66-year-old private consultant from Kondapur, Hyderabad, was defrauded of \u20b93.54 crore through fraudulent cryptocurrency and forex trading portals. This article examines the details of the fraud, identifies the patterns used by the perpetrators, and outlines precautions that individuals can take to protect themselves from similar scams.<\/em><\/p>\n<\/blockquote>\n\n\n\n<p>Cybercrime involving cryptocurrency and forex trading has been on the rise across India, with fraudsters employing increasingly sophisticated tactics to lure unsuspecting victims. In one such case, a 66-year-old private consultant based in Kondapur, Hyderabad, fell victim to an elaborate scam involving fraudulent trading platforms, losing a total of \u20b93.54 crore.<\/p><div class=\"trade-delta\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-847435578\"><a href=\"https:\/\/tradebrains.in\/get\/coindcxfg\/\" aria-label=\"coindcx ads\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/crypto\/wp-content\/uploads\/2025\/11\/coindcx.webp\" alt=\"coindcx ads\"  srcset=\"https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/crypto\/wp-content\/uploads\/2025\/11\/coindcx.webp 500w, https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/crypto\/wp-content\/uploads\/2025\/11\/coindcx-480x480.webp 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 500px, 100vw\" width=\"350\" height=\"350\"  style=\"display: inline-block;\" \/><\/a><\/div>\n\n\n\n<p>The Telangana Cyber Security Bureau (TGCSB) registered a formal complaint on Monday, and the case has since shed light on a pattern of deception that echoes numerous similar incidents reported across the country.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-the-fraud-unfolded\"><strong>How the Fraud Unfolded<\/strong><\/h2>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-1-initial-contact-and-first-investment\"><strong>1. Initial Contact and First Investment<\/strong><\/h4>\n\n\n\n<p>The fraud began in February 2024 when the victim was contacted on Facebook by an individual operating under the name \u201cNavya Surj Delhi.\u201d The fraudster directed him to open a trading account on a platform identified as Catal***M***t*.com, which was later migrated to pc.omnifxpro.com.<\/p><div class=\"trade-coindcx-3\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1544963567\"><script data-cfasync=\"false\" type=\"text\/javascript\" id=\"clever-core\">\r\n\/* <![CDATA[ *\/\r\n    (function (document, window) {\r\n        var a, c = document.createElement(\"script\"), f = window.frameElement;\r\n\r\n        c.id = \"CleverCoreLoader101144\";\r\n        c.src = \"https:\/\/scripts.cleverwebserver.com\/fbda060f29d5b8e8c653abce4ac69b7b.js\";\r\n\r\n        c.async = !0;\r\n        c.type = \"text\/javascript\";\r\n        c.setAttribute(\"data-target\", window.name || (f && f.getAttribute(\"id\")));\r\n        c.setAttribute(\"data-callback\", \"put-your-callback-function-here\");\r\n        c.setAttribute(\"data-callback-url-click\", \"put-your-click-macro-here\");\r\n        c.setAttribute(\"data-callback-url-view\", \"put-your-view-macro-here\");\r\n\r\n        try {\r\n            a = parent.document.getElementsByTagName(\"script\")[0] || document.getElementsByTagName(\"script\")[0];\r\n        } catch (e) {\r\n            a = !1;\r\n        }\r\n\r\n        a || (a = document.getElementsByTagName(\"head\")[0] || document.getElementsByTagName(\"body\")[0]);\r\n        a.parentNode.insertBefore(c, a);\r\n    })(document, window);\r\n\/* ]]> *\/\r\n<\/script>\r\n<div class=\"clever-core-ads\"><\/div><\/div>\n\n\n\n<p>Trusting both the fraudster and the platform, the victim invested approximately \u20b91.5 crore. However, when he attempted to withdraw his funds, he discovered that the platform had blocked all access. He also noted that the same person appeared under the name \u201cKajal Mishra\u201d on other platforms, suggesting the use of multiple fake identities.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-2-a-second-fraudster\"><strong>2. A Second Fraudster<\/strong><\/h4>\n\n\n\n<p>The complaint also described the victim\u2019s encounter with a second fraudster, posing as a woman named \u201cAnushka Sharma\u201d from Chandigarh. This individual persuaded him to invest an additional \u20b916 lakh into the same omnifxpro.com portal and allegedly pressured him to take out a loan to fund the investment a hallmark tactic of high-pressure investment scams.<\/p><div class=\"trade-content\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1710931888\"><a href=\"https:\/\/tradebrains.in\/get\/delta\/\" aria-label=\"Delta Exchange Ads\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/crypto\/wp-content\/uploads\/2025\/11\/Delta-Exchange-5-1-1.png\" alt=\"Delta Exchange Ads\"  srcset=\"https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/crypto\/wp-content\/uploads\/2025\/11\/Delta-Exchange-5-1-1.png 500w, https:\/\/tradebrains-wp.s3.ap-south-1.amazonaws.com\/crypto\/wp-content\/uploads\/2025\/11\/Delta-Exchange-5-1-1-480x480.png 480w\" sizes=\"(min-width: 0px) and (max-width: 480px) 480px, (min-width: 481px) 500px, 100vw\" width=\"350\" height=\"350\"  style=\"display: inline-block;\" \/><\/a><\/div>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-3-a-third-fraudster\"><strong>3. A Third Fraudster<\/strong><\/h4>\n\n\n\n<p>A third individual, operating under both the names \u201cRishika Sharma\u201d and \u201cKatha Banerjee,\u201d manipulated another victim into investing through forexflockltd.com, a site that was subsequently renamed to forexproltd.com. This episode alone resulted in a loss of \u20b970 lakh, illustrating how multiple fraudsters can operate in coordination, each targeting victims through different platforms and aliases.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tactics-used-by-the-fraudsters\"><strong>Tactics Used by the Fraudsters<\/strong><\/h2>\n\n\n\n<p>The fraudsters employed several well-documented psychological and financial manipulation tactics:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Impersonation of women: <\/strong>All three key actors either posed as women or recruited women to establish false trust with victims. This is an increasingly common pattern in online investment fraud.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Promises of high returns:<\/strong> Victims were lured with assurances of large and rapid returns on their investments a classic red flag in any investment scheme.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Platform switching: <\/strong>Trading platforms were periodically renamed or migrated (e.g., omnifxpro.com, forexflockltd.com to forexproltd.com), making it difficult for victims and authorities to track the operations.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Exploitation of desperation and greed: <\/strong>Once victims had already lost money, the fraudsters exploited their emotional distress and desire to recover losses, encouraging further deposits under the guise of recouping earlier investments.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Fictitious fees:<\/strong> Victims were asked to pay additional funds as \u201ctaxes\u201d or \u201cclearance fees\u201d before withdrawals could be processed. These payments were routed to multiple bank accounts and portals such as treasu****6*.com, inve*****.com, and m****c.com.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-total-loss-and-legal-action\"><strong>Total Loss and Legal Action<\/strong><\/h2>\n\n\n\n<p>Between February and June 2024, the victim transferred a total of \u20b93.54 crore to various bank accounts provided by the fraudsters. Upon registration of the complaint, police filed a case under Section 66D of the Information Technology Act, 2000 (which addresses cheating by impersonation using computer resources), as well as Sections 318(4) and 319(2) of the Bharatiya Nyaya Sanhita (BNS), 2023, which deal with cheating and fraud offences.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-recognising-the-pattern-a-recurring-fraud-model\"><strong>Recognising the Pattern: A Recurring Fraud Model<\/strong><\/h2>\n\n\n\n<p>This case is not isolated. Crypto and forex investment scams following similar patterns have been widely reported across India and internationally. Fraudsters typically reach out through social media platforms such as Facebook, WhatsApp, or Instagram, often posing as attractive, successful individuals.<\/p>\n\n\n\n<p>They build rapport over time before introducing \u201cinvestment opportunities\u201d that appear legitimate at first. Gains may even be shown on-screen to build confidence before larger sums are requested. Once the victim seeks to withdraw, access is blocked or additional fees are demanded indefinitely.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em><strong>Also Read: <a href=\"https:\/\/tradebrains.in\/crypto\/bitcoin-enters-the-vault-kazakhstan-bets-on-crypto-reserves\/\">Bitcoin Enters the Vault: Kazakhstan Bets on Crypto Reserves<\/a><\/strong><\/em><\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-precautions-to-protect-yourself\"><strong>Precautions to Protect Yourself<\/strong><\/h2>\n\n\n\n<p>Anyone engaging with online investment opportunities particularly those involving cryptocurrency or forex should keep the following precautions in mind:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Educate yourself on markets: <\/strong>Understand the basics of cryptocurrency and forex markets before investing. Both are highly volatile, and no legitimate manager can guarantee high returns.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Be sceptical of guaranteed returns:<\/strong> Any investment plan promising unusually high or assured returns is a major warning sign. A reputable investment adviser will always caution you to invest only what you can afford to lose.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Watch for identity and platform changes:<\/strong> If an individual uses multiple names or the platform is repeatedly renamed, treat it as a red flag. Legitimate businesses do not rebrand constantly.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Never invest borrowed money: <\/strong>Fraudsters often pressure victims into taking loans for investment. This should always be refused.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Verify platforms independently: <\/strong>Before depositing any funds, verify the legitimacy of a trading platform through SEBI (for Indian platforms) or other relevant regulatory bodies. Check for proper registration, physical addresses, and verifiable contact information.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Report suspicious activity immediately:<\/strong> If you notice anything suspicious, do not continue engaging with the platform or the individual. Report the matter immediately to the local cybercrime police or via the National Cyber Crime Reporting Portal at cybercrime.gov.in.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Do not pay \u201cclearance fees\u201d: <\/strong>Requests to pay taxes or fees before a withdrawal is processed are invariably fraudulent. Legitimate platforms do not operate this way.<\/li>\n<\/ul>\n\n\n\n<p>The \u20b93.54 crore fraud against the Kondapur consultant is a stark reminder of the growing sophistication of online investment scams in India. By combining social engineering, fake identities, and fraudulent trading platforms, cybercriminals are exploiting both trust and financial anxiety.<\/p>\n\n\n\n<p>Awareness, due diligence, and prompt reporting are the most effective defences against such schemes. If you or someone you know has been targeted, contact the Telangana Cyber Security Bureau (TGCSB) or the National Cyber Crime Reporting Portal without delay.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>Written by Parvati Anilkumar<\/em><\/p>\n<\/blockquote>\n<div class=\"trade-after-content\" id=\"trade-496272206\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Synopsis: A 66-year-old private consultant from Kondapur, Hyderabad, was defrauded of \u20b93.54 crore through fraudulent cryptocurrency and forex trading portals. This article examines the details of the fraud, identifies the patterns used by the perpetrators, and outlines precautions that individuals can take to protect themselves from similar scams. Cybercrime involving cryptocurrency and forex trading has [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":4825,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[7,3],"tags":[5524,5518,5522,5516,5520,5519,5525,5517,5521,5523],"ppma_author":[3375],"class_list":["post-4822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-trending-news","tag-blockchain-exploit-statistics","tag-blockchain-security-threats","tag-crypto-cybercrime-trends","tag-crypto-hacking-losses-february-2026","tag-crypto-phishing-scams","tag-crypto-scam-tactics","tag-crypto-security-report-2026","tag-cryptocurrency-hacks-report","tag-cryptocurrency-security-news","tag-malicious-wallet-approvals-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.3 (Yoast SEO v26.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Hyderabad Consultant Loses \u20b93.54 Crore to Fake Crypto and Forex Trading Portals - Trade Brains Crypto<\/title>\n<meta name=\"description\" content=\"Crypto hacking losses dropped to $49M in February 2026, but phishing scams and malicious wallet approvals are rising. 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