- Hyderabad police warn elderly about crypto fraud growing on social media
- Commissioner Sajjanar urges citizens to report cybercrime immediately
Cryptocurrency scammers are once again preying on unsuspecting citizens in Hyderabad, with police reporting a sharp rise in fraudulent digital trading schemes. Hyderabad Police Commissioner VC Sajjanar has cautioned senior citizens to remain vigilant after a recent case in which a 75-year-old man from the city lost Rs 1.68 crore to a fake cryptocurrency platform called “Market Axess.”
According to Commissioner Sajjanar, fraudsters are increasingly masking themselves as financial advisors or online investment consultants to win the trust of older citizens. They often promise high returns or claim to help recover previous losses. Once victims are convinced, they are directed to invest large sums into fabricated crypto platforms, ultimately losing their entire savings.
Sajjanar advised citizens, especially the elderly, to stay alert to such scams. He said, “Do not trust unsolicited investment offers or unknown financial advisors.” He appealed to the public to immediately report suspicious activities to the cybercrime helpline number 1930 instead of trying to handle such cases personally.
Police officials have observed that cybercriminals now use sophisticated tools such as AI-based impersonation and deepfake videos to deceive even cautious individuals. This makes it essential for people to confirm the authenticity of all financial requests and communications through known and trusted channels.
Meanwhile, the city police have intensified public awareness drives to prevent online financial fraud. The campaigns focus on teaching people to detect scams, verify websites, and safeguard private information. Officials reiterated that citizens should never share sensitive details, including bank information, OTPs, or Aadhaar numbers, with unverified sources. The Hyderabad Police reiterated their commitment to protecting residents from such frauds through quick response systems and increased education efforts.
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