63?year?old retiree Loses Rs 56.8 Lakh In Vanasthalipuram 'Digital Gold Fraud'

A 63?year?old retiree from Vanasthalipuram lost over Rs 56.8 lakh after falling victim to an online investment fraud involving fake digital gold trading platforms. 

According to the complaint lodged with Malkajgiri cybercrime police, the victim was added to a Telegram chat group on April 7 by a woman identifying herself as Nandhini Reddy. 

She allegedly persuaded the victim to invest in digital gold trading through a website, promising high profits and guaranteed returns.

The victim initially invested Rs 49,999, which was converted into USDT cryptocurrency. Small profits shown in the trading account convinced him the platform was genuine. 

Encouraged by the returns displayed on the application, he



continued transferring money in multiple transactions as instructed by the fraudsters. Investigators said the accused later informed the victim through email that the trading website had been upgraded and showed a large balance in the account. 

When he attempted to withdraw the investment, the fraudsters allegedly demanded an additional Rs 25.52 lakh as a seven per cent exchange fee and service charge on the total USDT balance.

After repeated demands for payments and no withdrawal being processed, the victim realised the platform was fraudulent. Police said he invested a total of Rs 56.84 lakh and received back only Rs 4,866, resulting in a loss of Rs 56.80 lakh. 

A case has been registered and investigation is underway.