A Hyderabad private employee allegedly lost nearly Rs 3.73 crore after cyber fraudsters trapped him in a fake investment scheme promoted through a WhatsApp advertisement, according to officials.The 40-year-old man from Hastinapuram Agriculture Colony was reportedly persuaded to invest money in shares after seeing the advertisement. The Hyderabad investment scam continued for nine months as the fraudsters allegedly convinced him that his investments were generating returns.
Officials said the suspects operated a fake investment website that displayed fabricated profits and bonuses. These figures allegedly encouraged the victim to continue transferring money through several bank accounts.During the nine-month period, the man completed 1,106 transactions, investing nearly Rs 3.73 crore. The apparent profits displayed on the website made the investment scheme appear genuine.Problems emerged when the victim attempted to withdraw his funds. The fraudsters allegedly cited bonus-related conditions and refused to allow him to access the money.
Hyderabad Investment Scam: How The Fraud Worked
Hyderabad investigators said the victim was initially lured through a WhatsApp advertisement, directed to a fraudulent investment platform and shown fake profits to encourage repeated payments. When he tried to withdraw his money, restrictions were allegedly imposed. After the website went offline on September 17, he filed a complaint through the National Cybercrime Reporting Portal on September 21. The Telangana Cyber Security Bureau subsequently registered a case and launched an investigation.
The case highlights the risks associated with investment advertisements received through messaging platforms. Users should verify investment companies, websites and financial intermediaries before transferring funds, particularly when advertisements promise unusually high returns.The TGCSB investigation is expected to examine the bank accounts, digital platforms and transaction trail connected with the alleged fraud and identify those responsible.
