Hyderabad: Man loses Rs 1.16 Cr to cyber fraudsters posing as investment experts

Hyderabad: A 33-year-old private employee from Madhapur has reportedly lost Rs 1.16 crore to cyber fraudsters who promised lucrative returns through online trading.

The victim approached the Cyberabad Cyber Crime Police, alleging he was misled into investing large sums after being added to a Telegram group by unknown individuals.

Within the group, a woman contacted him, claiming to offer expert guidance and assured profits. Initially, he transferred small amounts between Rs 10,000 and Rs 20,000 via e-wallets, and was shown fake returns to build trust. Later, he was asked to pay Rs 5 lakh for a ‘membership’ that would allow larger investments and higher gains.

Encouraged by the apparent success, the victim eventually transferred a total of Rs 1.16 crore to various bank accounts. However, when he requested to withdraw his funds, the fraudsters stopped responding and blocked him.

A case has been registered, and the Cyber Crime Police have launched an investigation to trace those behind the scam.