Key Highlights
- Hyderabad’s finest investor, now a tragic hero, loses ₹2.65 crore to Polyus Finance PFP Gold-a crypto scam so polished, it could’ve been mistaken for a Bollywood blockbuster.
- Scammers let him withdraw ₹4,300, then vanished like a mirage after demanding a 15% “goodwill tax.” A tale of greed, trust, and the art of the vanishing act.
- CBI arrests mule account operators, SIM card wizards, and shell company magicians in a ₹350 crore Ponzi scheme. India’s crypto market: where dreams go to die, and wallets go to disappear.
In the grand tradition of Russian literature, a 69-year-old Hyderabad businessman-Somajiguda’s most astute entrepreneur-found himself entangled in a web of deceit so intricate, even Tolstoy would’ve blinked twice. On August 30, 2025, he received a message from none other than Ramya Krishnan herself (or so he believed), inviting him to invest in Polyus Finance PFP Gold. The promise? A resort, an apparel line, and returns so juicy, they’d make a mango weep with envy.
How the scam worked
The scammers, armed with Photoshop skills rivaling Rembrandt and a script sharper than a samurai’s blade, regaled our hero with tales of prosperity. Daily chats, crypto profits, and a tantalizing ₹4,300 withdrawal on September 12, 2025-enough to make a man believe in miracles. By December, he’d sent ₹2.65 crore in 10 transactions, each one a step closer to financial ruin and a step further from common sense.
When he dared to request his fortune back, the scammers, like courteous hosts at a funeral, demanded a 15% “processing fee.” Refusal? The website vanished, leaving behind a digital ghost town. The man, now a cautionary tale in three acts, reported the incident to the Cyber Crime police-a bureaucratic dance as futile as chasing a mirage in a desert.
Recent crypto fraud cases in India
Meanwhile, in Kerala, the CBI arrested three individuals for their role in the Digital Arrest scam. A senior citizen’s money was funneled through mule accounts and crypto channels, a financial game of hot potato played with fire. In Goa, Bengaluru, and beyond, searches revealed shell companies, SIM card dealers, and a SIMPLICITY of criminal genius. One case involved ₹350 crore in a Ponzi scheme, where scammers converted funds into cryptocurrencies like alchemists turning lead into gold-only to leave investors with nothing but digital smoke.
Investor takeaways
India’s crypto market, a land of opportunity and despair, demands vigilance. Authorities now pursue not just criminals but the entire ecosystem of deceit. Cybercrime units trace money trails and conversations, hunting down colluders across borders. Yet, the Hyderabad incident remains a Shakespearean tragedy: a man lured by a digital illusion, a fortune lost, and a system that seems to delight in swallowing dreams whole. For investors, the lesson is clear: verify platforms, distrust high returns, and report scams before they report you to the void.
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2026-02-27 08:54