Hyderabad wellness firm loses nearly Rs 1 crore in luxury watch cyber scam

Hyderabad: A Hyderabad-based wellness company has been conned out of nearly Rs 1 crore in a sophisticated cyber fraud case involving a promised luxury wristwatch.

The city’s cybercrime police have registered a case against an individual who vanished after receiving the payments for a high-end timepiece that was never delivered.

Scammer claimed to be from Johnson Watch Company

The victim, UR Life Lifestyle Wellness Limited, filed a complaint alleging that a man named Manish approached the firm in April 2023.

He claimed to represent the well-known Johnson Watch Company and promised to source and deliver a custom-made luxury watch within eight months.

The company, which is headed by a prominent figure in Hyderabad's health and film industry, was convinced and began transferring funds.

A series of transfers

Between April 18 and August 9, 2023, the wellness firm made three separate payments, totalling Rs 99.67 lakh, from its ICICI Bank account to an HDFC Bank account provided by the accused.

The company trusted his assurances, believing the money was for the bespoke timepiece. However, once the final instalment was paid, the scammer’s behaviour changed.

All contact cut after receiving payments

After receiving the full payment, Manish became evasive, avoiding calls and giving vague excuses.

Eventually, he stopped all communication, leaving the company with no watch and no way to contact him. The firm’s manager, KVS Swamy Nath, reported the fraud to the police after repeated attempts to get the watch or a refund failed.

Based on the complaint, the cybercrime police have opened a case under the IT Act for identity theft and cheating, as well as under the Bharatiya Nyaya Sanhita for cheating and dishonest inducement.

Investigators have obtained details of the accused's phone number, transaction records, and conversations related to the deal.

Cybercrime officials are currently analysing this data to track down the suspect and determine if he is part of a larger criminal network.