Background and Timeline: Reported on March 26, 2026, a 53-year-old businessman from Nacharam, Hyderabad, fell victim to a highly sophisticated investment fraud. The case was registered after the victim realized that his supposed investments in a high-return website were unrecoverable. The scam originated in September 2025 and continued for several months as the victim was groomed through social media and messaging apps.
Modus Operandi: The victim came across a social media reel advertising an investment website that promised a daily return of 2% and full capital repayment. Soon after, a person identifying himself as “Naresh Verma” contacted the victim via Facebook Messenger and WhatsApp to assist with registration. The victim was induced to invest through Binance P2P trading by converting his funds into cryptocurrency (USDT), which was then transferred to the bogus platform.
Victims and Financial Impact: The Nacharam businessman lost a total of ₹73 lakh through multiple tranches of ₹41.85 lakh, ₹17.83 lakh, and smaller amounts. While he was initially allowed to withdraw ₹21,204 to build trust, the application dashboard later reflected fake returns to take the displayed value higher before blocking all access. The financial damage represents the majority of the victim’s liquid business capital.
Investigation and Agencies Involved: Hyderabad Cyber Crime Police are investigating the case, tracking the Binance P2P transaction history and the communication logs of the suspect “Naresh Verma”. The case has also been registered against a person identifying himself as “Luis Sanchez,” who claimed to be the CEO of Maximgain.com. Investigators are analyzing the malicious social media reels used to lure the victim.
Arrests and Suspects: No arrests have been made yet, but the suspects have been identified by their digital aliases “Naresh Verma” and “Luis Sanchez”. Police are working with international agencies to trace the origin of the Maximgain.com domain and the cryptocurrency wallets used by the syndicate. The investigation is currently focusing on identifying the Indian associates who facilitated the P2P transfers.
Broader Implications and Trends: This case illustrates the rising use of “social media reels” to distribute high-impact investment scams targeting affluent businessmen. It highlights the role of cryptocurrency as a primary tool for cross-border fund movement in modern cyberfrauds. Authorities urge citizens not to believe in unrealistic returns of 2% per day and to verify all investment platforms through official SEBI portals.