Key Highlights
- A Khammam businessman lost ₹2.05 crore in a fake crypto–forex scheme run via WhatsApp by a scammer posing as “Jessica Meenakshi.”
- Another victim in Khammam was duped of ₹33.5 lakh through a stock scam using a deepfake of Finance Minister Nirmala Sitharaman.
- Vizag residents lost ₹35 lakh in a crypto fraud, with total losses across both states exceeding ₹2.68 crore; cases now under cybercrime investigation.
Two neighboring states in southern India have reported a fresh wave of crypto and stock market investment frauds, with victims across Telangana and Andhra Pradesh collectively losing over ₹2.68 crore to scammers deploying WhatsApp traps, fake trading platforms, and even deepfake videos of government officials.
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The cases, reported within days of each other, follow a disturbingly familiar pattern: initial trust-building through small returns, followed by escalating demands for larger deposits, and ultimately, a complete shutdown of access to funds.
Businessman loses ₹2.05 Cr to fake forex and crypto platform
In the most significant of the three cases, a 50-year-old businessman from Khammam was cheated of over ₹2.05 crore after being drawn into what he believed was a legitimate forex and cryptocurrency trading operation.
According to his complaint filed with the Telangana Cyber Security Bureau (TGCSB), the victim was contacted on WhatsApp on November 25, 2025, by a woman who introduced herself as Jessica Meenakshi. She claimed to work for a ceramics company in Sharjah and said she also ran a family-owned crypto and forex trading business.
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She persuaded him to register on a website called pc.fxprogroup.cc, promising high returns on investments. The victim started with an initial deposit of ₹50,000 on December 14, 2025, and received a profit of ₹4,800 the very next day.
This is the classic “return-the-hook” tactic that investigators now recognize as standard operating procedure across India’s crypto fraud ecosystem, where small early payouts are engineered to build false confidence before the real extraction begins.
Convinced the platform was genuine, the businessman continued investing. Between December 14, 2025, and January 21, 2026, he transferred over ₹1 crore through multiple transactions from four of his own bank accounts and three accounts belonging to friends.
When he attempted to withdraw an on-screen balance of $3,89,592 on January 21, the fraudsters told him he needed to pay ₹64 lakh in income tax. He paid the amount by February 3. On February 7, the scammers demanded an additional ₹34.28 lakh as a “currency exchange fee,” which he also paid. They then followed up with a demand for ₹51.42 lakh as a security deposit. That is when the victim finally realized it was a scam.
A case was registered at TGCSB’s Khammam unit on March 12.
Deputy manager duped of ₹33.5L in stock scam using Nirmala Sitharaman deepfake
In a separate case from the same district, a 57-year-old deputy manager at a private firm was cheated of ₹33.5 lakh between May 26 and September 6, 2025, in what appears to be a stock market investment fraud layered with AI-generated content.
The victim came across an online advertisement promoting stock market investments that featured a video of Union Finance Minister Nirmala Sitharaman explaining the scheme’s benefits. The use of deepfake or manipulated videos of public figures to lend legitimacy to fraudulent schemes has become an increasingly common tactic in India’s investment fraud landscape.
He was subsequently contacted by tele-callers identifying themselves as Abdul and Arul. Following their instructions, he opened accounts on two websites and began transferring money in multiple tranches.
After investing a total of ₹33.5 lakh across several transactions, his withdrawal requests were first delayed and then outright rejected. The websites eventually displayed negative balances, effectively wiping out any trace of his invested funds.
Vizag residents lose ₹35L in fake crypto investment scam
Across the state border in Andhra Pradesh, residents of Visakhapatnam were collectively duped of ₹35 lakh in a fraudulent cryptocurrency investment scheme, according to a report by the Times of India. The case has been registered with the Vizag cybercrime police.
Residents were lured via social media with promises of high crypto returns, invested through fake apps showing fake profits, and were blocked when trying to withdraw.
Vizag has been a recurring hotspot for crypto-related fraud. In January 2026, eight residents of the city were collectively cheated of nearly ₹3 crore through fake stock market investment schemes and honeytrap tactics. In one of those cases, a 55-year-old tech employee lost ₹1.4 crore after being contacted by a woman through Instagram, while a 35-year-old man lost ₹73 lakh after borrowing money from friends and relatives to invest in a fraudulent platform.
In November 2025, two police constables in Vizag were allegedly found running a ₹7 crore crypto racket that duped over 230 fellow police officers. The scheme operated under names like Yes World, UB Coin, GTFS, and EPZ.com, promising monthly returns of ₹50,000 on investments of ₹3 lakh.
And just last month, a 32-year-old Vizag man was arrested at Chennai airport by Hyderabad Cyber Crime Police for allegedly masterminding a matrimonial-cum-cryptocurrency scam. He had reportedly travelled to Cambodia, joined an organised cybercrime syndicate, and used over 400 illegal SIM cards to create fake profiles on matrimonial platforms to trap victims into crypto investments.
A pattern that shows no signs of slowing
The combined losses from these latest Telangana and Andhra Pradesh cases add to what has become a relentless cycle of crypto and investment fraud across southern India. The playbook is nearly identical in every case: WhatsApp or social media contact, a fake platform with a professional-looking dashboard, small initial returns to build trust, and then escalating demands for additional payments framed as taxes, fees, or security deposits.
According to official data presented in Parliament, over 24 lakh cybercrime complaints were filed on the National Cyber Crime Reporting Portal (NCRP) in 2025, with reported fraud losses amounting to ₹22,495 crore. The recovery rate remains dismal. Of the ₹36,448 crore in cumulative losses reported since the portal’s inception, only ₹60.52 crore has actually been returned to victims.
Moreover, the Indian government’s “PRAHAAR” counter-terrorism strategy, released in February 2026, specifically flagged the growing use of crypto wallets by criminal networks. A dedicated darknet and cryptocurrency task force has been set up under the Multi-Agency Centre. And the Union Budget 2025-2026 allocated ₹782 crore for cybersecurity projects.
But for the victims in Khammam and Vizag, the infrastructure is catching up too slowly. Law enforcement agencies have repeatedly advised citizens to verify investment platforms with SEBI, avoid responding to unsolicited financial offers on social media or messaging apps, and report fraud immediately through the 1930 cybercrime helpline.
Also Read: Indian Authorities Seize ₹2.5 Cr in Crypto in Bengal Laundering Probe
