Hyderabad Man Loses ₹1.16 Crore in Online Trading Scam

A 33-year-old private employee from Madhapur has reportedly lost ₹1.16 crore to cyber fraudsters who lured him with promises of high returns through online trading.

According to the complaint filed with the Cyberabad Cybercrime police, the victim was added to a Telegram group by unknown persons. A woman in the group contacted him, claiming she could help him earn large profits through online trading and offered guidance and tips.

Believing the claims, the man initially invested small amounts ranging from ₹10,000 to ₹20,000 through e-wallets. He noticed that his investments had seemingly doubled, which encouraged him to continue.

The fraudsters later asked him to pay ₹5 lakh for a membership that would allow him to invest larger sums and earn higher profits. Trusting them, the victim continued transferring money, eventually sending a total of ₹1.16 crore to different bank accounts provided by the scammers.

When he tried to withdraw his investments and profits, the fraudsters began avoiding him and later blocked his contact.

The Cyberabad Cybercrime police have registered a case and launched an investigation to identify and trace the fraudsters.

Authorities have once again urged the public to be cautious while dealing with unknown people online and to avoid falling for offers that promise unusually high returns.