Hyderabad techie duped of Rs 1 crore in online investment scam

HYDERABAD: A software professional recently approached Cyberabad's cyber crime police, claiming that he had lost Rs 1 crore to cyber fraudsters.

Police said the fraudsters, under the pretext of stock market investments, convinced the victim that he had earned Rs 32 crore. However, when he attempted to withdraw the money, he was denied access and given various excuses, while the fraudsters tried to extort more money.

Officials said that the victim initially invested Rs 50,000 and later increased his investment, believing he was purchasing legitimate stocks. He was also regularly sent updates about the investment status.

The victim had first fallen into the trap after being added to an unsolicited WhatsApp group. Once he realised he had been conned, he approached the police.

In executing the fraud, the victim was redirected to a website impersonating a page belonging to a well-known trading company.