Man Duped of ₹ 17.54 Lakhs in Fake Trading App Scam
The victim came across a social media reel advertising the investment website which promised a daily return of two per cent and full capital repayment after 10 months
Hyderabad: A 53-year-old businessman from Nacharam allegedly lost ₹73 lakh in an online investment fraud after being lured with promises of high returns, police said.
The case was registered against persons identifying themselves as Luis Sanchez, who claimed to be the CEO of Maximgain.com, and Naresh Verma, who allegedly guided the victim through the investment process.
According to police, the victim came across a social media reel advertising the investment website which promised a daily return of two per cent and full capital repayment after 10 months. Soon after, Verma contacted him through Facebook Messenger and WhatsApp and assisted him with registration.
Believing the scheme to be genuine, the victim initially invested ₹4.65 lakh in September 2025 through Binance P2P trading by converting the amount into cryptocurrency (USDT), police said. The platform showed steady profits and he was able to withdraw ₹21,204, which increased his confidence.
Police said he subsequently made further investments of ₹41.85 lakh, ₹17.83 lakh and ₹16,461 after the application dashboard reflected growing returns, taking the displayed investment value to about ₹74.68 lakh.
When he later attempted to withdraw larger amounts, the accused allegedly failed to process the requests and eventually stopped responding, blocking him on all communication platforms, police said.
After realising he had been cheated, the victim approached the cybercrime police. A case has been registered with the Malkajgiri Cyber Crime Police and officials are analysing the digital trail, including cryptocurrency transactions, to identify the accused.
