Hyderabad businessman loses Rs 2.6 crore in stock market scam

Hyderabad: A 48-year-old Hyderabad businessman, a resident of Ameerpet, was cheated of Rs 2.6 crore by cyber scammers who had introduced themselves as stock market investment consultants, promising him rich returns through a trading platform.

Police say the scam started around mid-February when the victim was sent a Facebook friendship request by a woman claiming to be Madhavi Reddy.

The victim accepted the request, and then the two of them chatted on WhatsApp, where the woman introduced herself as a stock market consultant based in Bengaluru, reported ToI.

Hyderabad businessman invests in trading web portal

She manipulated the man to invest in a trading web portal over the next few weeks and provided him with several bank account numbers for making transactions.

The Hyderabad businessman made 26 payments, varying between Rs 4.5 lakh and Rs 20 lakh each, between March 17 and April 7. The total amount defrauded reached Rs 2.6 crore.

To win his confidence, the swindlers sent him two minor returns, Rs 63,945 and Rs 1.8 lakh, on March 30, so it seemed like the trading was generating profits. Even his online account reflected artificially inflated gains, but he could not withdraw anything.

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Suspicions were raised when he was consistently asked to make extra “taxes” and “processing charges” to view the profits.

Realising that something was fishy, the businessman went to the Hyderabad Cybercrime Police on Thursday, April 17.

The police have booked a case under Sections 66C and 66D of the Information Technology Act and related provisions of the Bharatiya Nyaya Sanhita.

Police officials have been trying to follow the trail of money to nab the culprits.

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