Bizman Loses Rs.11L In Lyka Coin Scam

Hyderabad: A businessman from Keesara has lost Rs.11 lakh after falling prey to a cryptocurrency scam involving a digital coin named Lyka. The victim has filed a complaint with Keesara police, saying that he was deceived by an individual posing as a representative of the Lyka coin organisation.

According to a police source, the businessman had shown interest in cryptocurrency investments during a conversation with an acquaintance. Shortly after, he was contacted by a man who claimed to be affiliated with the Lyka organisation in Hyderabad and promised substantial profits.

Lyka coin, a digital asset similar to Bitcoin and other cryptocurrencies, was pitched as a lucrative investment. The fraudster claimed that the coin’s value was rapidly rising and previous investors had already secured significant returns.

Convinced by the pitch, the businessman made phased payments totalling `11 lakh. He believed the amount would be converted into Lyka coins and credited to his digital wallet. However, the payments were sent directly to the supposed employee of the organisation, and no digital coins were received.

Despite repeated follow-ups, the promised returns never materialised. It was then that the victim realised he had been duped. Keesara police have acknowledged receipt of the complaint and seeking legal opinion on whether the case falls under the jurisdiction of the local law and order station or requires transfer to the Rachakonda cyber crime wing under provisions of the IT Act.