Hyderabad Cyber Crime police retrieve Rs 1.05 crores lost to investment fraud

Hyderabad: The Hyderabad Cyber Crime Police retrieved Rs 1.05 crores that a cybercrime victim lost to an investment fraud. Unidentified cyber criminals duped the person with promises of substantial profits.

Case details

The 52-year-old victim from Hyderabad is a private employee. The cybercriminals deceived him with promises of profits by luring him into trading on a site called ‘Lazardoosvip.Top’. They managed to make him transfer Rs 1.22 crores to their bank accounts.

How did the police manage to retrieve lost amount?

The cybercrime police issued notices to bank officials and requested them to freeze the fraudulent accounts where the victim deposited crores. The police guided the complainant in filing a petition in court to reclaim the withheld funds. Shortly thereafter, the court authorised the retrieval of Rs 1.05 crores from those accounts and the amount was refunded to the victim’s account.

Based on the victim’s complaint, the Cyber Crime Police here registered a case (1665/2024) invoking sections 66(C), 66(D) of the IT Act, and sections 319(2), 318(4), 338, 336(3) and 340(2) of the IPC.

Public advisory

Hyderabad Commissioner of Police CV Anand appealed to the public to be aware of viral fake investment advertisements on social media platforms i.e. Telegram, WhatsApp, X, Instagram and Facebook which promise high returns with little risk.

“Never believe the promises of huge returns and screenshots that show fake profits. Don’t fall for these scams! Always use SEBI-approved apps for investments. Always ask a SEBI-registered financial advisor before investing. Scammers will credit a small amount in the victim’s account to gain the victim’s confidence and allow withdrawal amount as well,” he said.

There is a possibility to get a refund of at least part of the lost/put on hold amount if it is reported immediately. Victims of cyber fraud can report by dialling 1930 or file a complaint by visiting the National Cyber Crime Reporting Portal, he added.