A 40-year-old Hyderabad man allegedly lost nearly Rs 3.73 crore after fraudsters lured him into a fake investment scheme through a WhatsApp advertisement. He made 1,106 transactions over nine months before the fraudulent website went offline
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Hyderabad: A 40-year-old private employee from Hastinapuram Agriculture Colony lost nearly Rs 3.73 crore after cyber fraudsters allegedly trapped him in a fake investment scheme promising high returns.
The victim was reportedly lured through a WhatsApp advertisement and persuaded to invest in shares.
Officials said fraudsters operated a fake website showing fabricated profits and bonuses, prompting him to continue investing through multiple bank accounts.
Over nine months, he made 1,106 transactions. When he attempted to withdraw the funds, the fraudsters allegedly cited bonus conditions and prevented the withdrawal.
The website went offline on September 17, following which the victim realised he had been cheated. He lodged a complaint through the National Cybercrime Reporting Portal on September 21.
The Telangana Cyber Security Bureau (TGCSB) registered a case and took up the investigation.
