Hyderabad: A 40-year-old private employee from Hastinapuram Agriculture Colony allegedly lost nearly Rs 3.73 crore after cyber fraudsters trapped him in a fake investment scheme promising high returns.
According to officials, the victim was initially approached through an advertisement on WhatsApp and was persuaded to invest in shares through an online platform.
The fraudsters allegedly operated a fake investment website that displayed fabricated profits and bonuses. Believing the information shown on the platform, the victim continued transferring money through multiple bank accounts.
Over a period of nine months, he reportedly carried out 1,106 transactions, with the total amount invested reaching nearly Rs 3.73 crore.
When the victim later attempted to withdraw his money, the fraudsters allegedly told him that he had to meet certain bonus-related conditions before the funds could be released. The withdrawal was subsequently blocked.
The fraudulent website reportedly went offline on September 17. The victim then realised that he may have been cheated and submitted a complaint through the National Cybercrime Reporting Portal on September 21.
The Telangana Cyber Security Bureau (TGCSB) registered a case and launched an investigation into the alleged investment fraud.
Cybercrime officials have repeatedly warned people against investment platforms promoted through unsolicited social media and messaging-app advertisements, particularly those promising unusually high or guaranteed returns.
