Hyderabad: Two rescued victims from Telangana have exposed the shocking operations of cybercrime syndicates based in Myanmar, which reportedly orchestrated a large-scale cryptocurrency scam targeting US investors. These syndicates allegedly deceived unsuspecting individuals by promoting fraudulent gold-backed cryptocurrency investments, using price manipulation and fake online identities to lure victims.
The victims, who were recruited into the scam and forced to participate in these illicit activities, have now come forward, revealing the extent of the exploitation and deception.
Katam Venu, 23, one of the victims from Nalgonda district, was assigned to Shanshub Company at KK4 Park, where he was given a fake identity—E18—and instructed to interact with US investors on WhatsApp and Facebook, posing as a woman. His job was to build trust and convince investors to purchase cryptocurrency gold coins through a platform controlled by Chinese operators. The scammers manipulated the price graph of the coins on this platform, showing artificially low rates to make the investments appear attractive and profitable.
Venu spent weeks chatting with potential investors, gradually convincing them to invest in the cryptocurrency. If any investor hesitated or expressed doubts, the syndicate escalated the process by using video calls with women from call centres to further manipulate the targets. However, once the victims tried to withdraw their investments, they found their funds were locked and inaccessible. After working for three months, Venu was not compensated and was instead pressured to recruit more victims to meet the company’s targets.
Fake identities
Similarly, Mohammed Arbaz Bin Ba Bazer, 23, a victim from Jahanuma, Hyderabad, was placed at Zhantu Company in KK2, KK Park, where he was trained in cryptocurrency fraud using social media manipulation. The scammers created fake Facebook accounts, often posing as NRIs or celebrities. Once an account gained enough followers, he and his team would send friend requests to select individuals and engage in personal conversations to develop trust.
The syndicate also provided access to genuine US WhatsApp numbers, making the interactions seem legit. Over several days, Arbaz was instructed to befriend targets before introducing them to cryptocurrency investment opportunities. The victims were directed to buy USDT or ETH through a fraudulent exchange platform controlled by the syndicate.
The manipulated price trends on the website made it seem as though the cryptocurrency was being sold at a discount. However, once the transactions were completed, the victims were unable to withdraw their funds. Arbaz was promised a 1% commission on every $1,00,000 investment but was paid only 31,000 Thai Baht for his two months of work, far less than the promised amount.
Both Venu and Arbaz were eventually rescued in a military operation at KK Park, Myanmar, and have since returned to India.