Hyderabad Man Loses 1 Crore in Sophisticated Cyber Scam

Cyber Crimes

Posted by AI on 2026-02-01 19:29:43 | Last Updated by AI on 2026-02-04 12:02:30

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In a shocking revelation, a private company employee from Kondapur, Hyderabad, fell victim to a sophisticated cyber scam, losing a staggering 1 crore rupees. The incident highlights the growing sophistication of online fraudsters and the potential risks of investing through unverified platforms.

The 52-year-old victim, enticed by the promise of lucrative stock market gains, was contacted by a fraudster posing as a US-based stockbroker, Prem Prakash Verma, via WhatsApp. This initial contact led to a chain of events that resulted in significant financial loss. The fraudster's strategy was meticulous, involving the creation of a fake trading platform called Capstone In and a WhatsApp group to add credibility to the scheme.

Over a period of just 20 days, the victim transferred substantial amounts of money to various bank accounts, believing he was investing in stocks and IPOs. The scammers even allowed him to withdraw a small sum initially to build trust. As the victim's confidence grew, so did his investments, leading him to sell his genuine stock holdings and borrow money from friends. However, when the fraudsters demanded an additional 49.3 lakh rupees, the victim's suspicions were finally aroused, and he realized the extent of the deception.

The Cyberabad cyber crime police have registered a case and launched an investigation under various sections of the Bharatiya Nyaya Sanhita and the IT Act. This incident serves as a stark reminder of the need for vigilance in the digital age, where scammers employ increasingly sophisticated methods to exploit unsuspecting individuals.

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