Hyderabad businessman loses ₹1.31 crore to app scam, quick action recovers ₹50.87 Lakh

Hyderabad: A 53-year-old businessman from Hyderabad narrowly escaped a total loss of ₹1.31 crore after falling victim to an elaborate online scam. The victim, lured by a message promoting the PML Pro App, transferred the amount in multiple installments before realizing he had been defrauded. Quick action following his complaint led to the recovery of ₹50,87,500 from the scam

How the Scam Operated

The businessman was contacted via WhatsApp with promises of lucrative trading opportunities on the PML Pro App. After downloading the app, he engaged with the customer service team, who advised him to deposit money for IPO allotments. Initially, the app credited small amounts to his account to build trust. Convinced, the victim transferred funds totaling ₹1.31 crore across multiple transactions.

When the app began blocking his withdrawal requests and demanded additional deposits, he realized it was a scam and approached the Cyber Crime Unit, Hyderabad City, on December 16, 2024.

Funds Recovered After Swift Action

An entry was made on the NCRP portal, and the matter was escalated to the victim’s bank. Authorities identified and froze four transactions categorized under “Layer 1” totaling ₹50,87,500.

“The quick response of the victim and the coordinated efforts of the Cyber Crime Unit ensured the recovery of a significant portion of the funds,” stated the Deputy Commissioner of Police, Cyber Crime Unit, Hyderabad City.

The Commissioner of Police, Hyderabad City, praised the team’s efficiency in addressing the case promptly.

Public Advisory: Avoid Falling Victim to Scams

In light of the incident, the Cyber Crime Unit issued a public advisory urging citizens to be cautious of online scams. Key guidelines include:

• Be wary of unsolicited offers: Do not trust messages, calls, or social media posts offering investment opportunities. Scammers often share fake success stories and profits to lure victims.

• Download apps from trusted sources: Use legitimate websites or authorized app stores. Avoid clicking on unknown links.

• Protect sensitive information: Never share bank details, passwords, OTPs, or card details with strangers, online or offline.

• Consult registered advisors: Seek advice from SEBI-registered financial advisors before investing.

• Report fraud immediately: Victims can call the helpline 1930 or report incidents on www.cybercrime.gov.in to increase the chances of fund recovery.

“There is a possibility of recovering lost amounts if incidents are reported promptly,” said the Deputy Commissioner of Police.

Stay Alert Against Cyber Fraud

This case highlights the growing sophistication of online scams and the importance of vigilance while engaging in digital transactions. Authorities urge citizens to stay informed and cautious to prevent financial losses.