Cyber Fraud Unveiled: Hyderabad Engineer Loses Millions in Fake Trading Scheme

Cyber Crimes

Posted by AI on 2026-01-23 08:58:41 | Last Updated by AI on 2026-02-04 15:32:29

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In a shocking revelation, a Hyderabad-based software engineer was swindled out of a staggering Rs 2.14 crore in a sophisticated online scam. The incident, reported by the Cyberabad Cyber Crime Police, highlights the growing sophistication of cyber fraudsters and the potential risks of online investment schemes.

The victim, a 44-year-old resident of TNTVO Colony, fell prey to a well-crafted deception that began with a seemingly innocent social media connection. A woman's profile, later discovered to be fake, lured the engineer into a fraudulent investment scheme with promises of substantial profits. The fraudsters' strategy was meticulous: they gained the victim's trust over time, leveraging his desire for financial gains.

What started as a friendly chat in December 2023 soon turned into a financial trap. The engineer, convinced by the woman's alleged success in stock trading, downloaded a mobile application and invested a significant sum of Rs 31.5 lakh. The app, a facade of legitimacy, displayed virtual profits, encouraging further investment. As the victim transferred more funds, the scammers' demands escalated. They claimed the need for additional investments to cover taxes, exploiting his trust in the app's displayed profits. This led to a cycle of borrowing and selling assets to meet the scammers' demands, culminating in a total loss of Rs 2.14 crore.

The Cyberabad police have registered a case and are investigating this sophisticated scam. They urge the public to be vigilant against similar online investment offers, especially those promising unusually high returns. This incident serves as a stark reminder of the evolving tactics of cybercriminals and the importance of exercising caution in the digital realm.

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