Indian Investor Loses $188K in Crypto Scam Posing as Stock Market Advisory

A 38-year-old Indian investor from Basheerbagh was defrauded of ₹1.68 crore ($188,000) after being lured into a Telegram group masquerading as a stock market advisory firm. The scammers, operating under pseudonyms like Steven, Viswanath, and Mary, claimed affiliation with a Singapore-based company specializing in stock and digital asset investments.

The scheme unfolded with fabricated screenshots of returns flooding the group chat, building false credibility. Victims were directed to a mock trading platform requiring KYC verification—a tactic to harvest sensitive data. Initial small withdrawals were permitted to instill confidence before larger deposits were solicited.

Over 21 transactions spanning months, the victim channeled funds to accounts controlled by the fraudsters. The case highlights persistent security risks in digital asset markets, particularly through unverified social media channels promising unrealistic returns.