Hyderabad: Bizman loses Rs 7.88 crore in stock market investment scam

Hyderabad: A 55-year-old businessman from KPHB Colony has lost Rs 7.88 crore in a sophisticated online scam after being approached by fraudsters posing as stock market investment advisors.

Telangana Cyber Security Bureau (TGSCB) has registered a case and begun an investigation to track down the perpetrators.

Victim approached via WhatsApp

The businessman told police that on July 25, he was contacted on WhatsApp by two individuals claiming to be stock market advisors, Satyanarayana, using a UK number, and Vaishali, contacting him from India.

They shared a link to a trading portal, ‘https://www.finalto-indus.com’, claiming it was a joint UK-India platform that would manage his investments and generate high returns.

Small gains lured him in

The victim made an initial UPI transfer of Rs 45,000, which the portal immediately showed as a 15% gain. He was also allowed to withdraw Rs 8,600, giving him confidence in the platform’s legitimacy. Encouraged by these results, he continued investing large sums over the next two months.

Massive transfers across States

Between July 25 and September 30, the businessman transferred over Rs 7.88 crore from his HDFC, Canara Bank, and SBI accounts into 35 bank accounts across 10 states, through 103 separate transactions. By the end of September, the portal showed a profit of Rs 11 crore, reinforcing the illusion of a legitimate investment.

Suspicion arises over ‘Capital Gains Tax’

On September 30, when the businessman tried to withdraw funds, the operators demanded an additional ₹3 crore as capital gains tax before releasing the money. Sensing foul play, he realized he had been scammed.

Complaint filed and case registered

On October 5, the businessman lodged a complaint on the National Cyber Crime Reporting Portal and approached the TGCSB headquarters police station in Hyderabad.

A case has been registered under Section 66-D of the IT Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS), including provisions for cheating, personation, forgery, and criminal conspiracy.

Funds traced across multiple accounts

“The money transferred by the victim was further routed to several other accounts and withdrawn. We are analysing the transactions to identify and apprehend the offenders,” said a TGCSB official. The bureau is coordinating with banks and police across states to trace the fraudsters.