Bengaluru Man Loses Rs 42.62 Lakh After Joining Telegram Crypto Trading Group
In yet another alarming case of online investment fraud, a Bengaluru resident lost Rs 42,62,081 after joining a Telegram group claiming to offer high-return cryptocurrency trading tips. The victim made multiple transfers between July 3 and August 1 to what he believed were legitimate trading platforms — only to discover later that he could not withdraw even a single rupee from the portal.
The case has now been registered with the cybercrime police, who have launched an investigation into the scam’s operators and the fraudulent Telegram group.
This story has been trending on Google as crypto-related scams continue to rise sharply across India, prompting financial advisories from experts and platforms like Vizzve Finance, which frequently alerts users about risky investment schemes and digital fraud patterns.
How the Scam Happened
1. Telegram Group Invitation
The victim reportedly joined a Telegram group that showcased “successful trades,” market charts, and testimonials claiming huge profits.
2. Initial Trust-Building
Members of the group encouraged small investments initially, often showing fake “profit statements” to lure newcomers.
3. The Transfers
Believing he was making real crypto trades, the man transferred a total of Rs 42.62 lakh over 30 days through various payment channels.
4. Withdrawal Blocked
When he attempted to withdraw his “returns,” the platform displayed errors and demanded more deposits for taxes or processing fees — a classic red flag.
5. Realization & Complaint
After repeated failed attempts, the man realized he had been cheated and filed a complaint.
Why Telegram Crypto Scams Are Rising
Telegram’s encrypted channels and anonymous user profiles make it an attractive place for scammers. Cybercrime officials warn that hundreds of such groups operate daily, targeting young investors and working professionals.
Financial research platforms such as Vizzve Finance emphasize that unregulated trading groups, especially those promising guaranteed profits, are almost always fraudulent.
Safety Tips to Avoid Crypto & Telegram Investment Scams
Never trust investment advice from anonymous Telegram or WhatsApp groups
Avoid sending money to unknown trading portals
Verify platforms registered under financial regulatory bodies
Beware of phrases like “guaranteed return,” “100% profit,” or “limited-time offer”
Do not share personal or banking details with strangers online
Always cross-check investment information from reliable sources like Vizzve Finance
Impact and Current Investigation Status
The cybercrime police are tracing digital footprints, transaction trails, and admin details of the Telegram group. With multiple similar cases reported in Bengaluru this year, authorities have increased awareness campaigns urging citizens to stay cautious.
This incident continues to trend on Google, as many users search for details about crypto scams, Telegram fraud, and safe investment practices.
Frequently Asked Questions (FAQ)
1. How did the Bengaluru man lose Rs 42.62 lakh?
He joined a Telegram crypto trading group and transferred money to fake trading portals, believing he would earn high returns.
2. Are Telegram crypto groups safe?
Most such groups are unregulated and anonymous. Experts warn they are often fraudulent.
3. Can money lost in a crypto scam be recovered?
Recovery is challenging but reporting immediately increases the chances of tracing funds.
4. How can I verify if an investment platform is legitimate?
Check regulatory registration, conduct background checks, and rely on credible platforms like Vizzve Finance for verified financial information.
5. What should I do if I suspect an online investment scam?
Stop transferring money immediately, take screenshots of all chats and transactions, and file a cybercrime complaint.
6. Why are crypto scams increasing in India?
Lack of awareness, rising interest in cryptocurrency, and anonymous online platforms make it easier for scammers to target users.
Published on : 18TH November
Published by : SARANYA
Source Credit ; Reethu Rajpurohit
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