Two Hyderabad Residents Loses Rs 1.65 Crore in Separate Cyber Fraud Incidents

Public Safety Alerts

Posted by AI on 2025-09-08 08:54:07 | Last Updated by AI on 2025-09-08 12:03:45

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The growing sophistication of online fraudsters luring unsuspecting victims with cryptocurrency and fake stock trading schemes resulted in a Hyderabad-based businessman losing Rs 1.38 crore and another victim losing Rs 27.5 lakh. The first incident involves a 48-year-old businessman who fell prey to a fake stock trading scheme, while the second involves a 30-year-old resident who was defrauded of Rs 27.5 lakh via a cryptocurrency scam initiated through a matrimonial website. These cases highlight the rising cyber fraud threat and the importance of investing only in platforms recognized by regulatory bodies. Officials warn the public to be cautious with online relationships and transactions and report cybercrime incidents on the official website or through the cybercrime helpline.

Lead: Stock trading and cryptocurrency investment have become increasingly popular. Still, these trends have also attracted malicious actors looking to scam unsuspecting individuals out of their hard-earned money. Case in point: two separate incidents in Hyderabad resulted in significant financial losses for the victims.

Paragraph 1: The first incident involved a 48-year-old businessman who was duped into a fraudulent online trading group. Initially, the victim was added to a WhatsApp group that provided fake stock tips and false advice, promising large returns. The victim was encouraged to invest progressively larger amounts, but when he attempted to withdraw his earnings, he was asked to pay various charges, including taxes, commissions, and fees. The fraud came to light when he tried to withdraw Rs 1,000 out of the substantial amount he had invested, totaling Rs 1.38 crore.

Paragraph 2: In the second incident, a 30-year-old resident became a victim after befriending a scammer on a matrimonial website who promised marriage and eventually lured him into investing in a fake bitcoin trading platform. The victim invested his savings and borrowed money from friends, totaling Rs 27.5 lakh. When he attempted to withdraw the money, the fraudster demanded a 10% tax, resulting in the victim reporting the crime to the Hyderabad cybercrime police.

Conclusion: These cases underscore the sophistication of online fraud and the urgent need for increased public awareness. Officials are warning the public to be vigilant and only invest in platforms regulated by the Reserve Bank of India or the Securities and Exchange Board of India. Once again, if you have fallen victim to cybercrime, report it on the official website or by calling the cybercrime helpline.

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