Hyderabad businessman loses Rs 1.22 crores to cyber fraudsters

The victim, who is from Secunderabad, received a message from a stranger who over a period of time lured him into investing in online trading

Hyderabad: A Hyderabad businessman lost Rs 1.22 crores to cyber fraudsters who conned him into investing in online trading business assuring of huge profits.

The victim, who is from Secunderabad, received a message from a stranger who over a period of time lured him into investing in online trading. He assured that the profits will be much higher and asked him to download an application on his mobile phone. Initially, the man invested some amounts towards investment and in return received some profits on investments.

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Lured by the profits, the man transferred Rs 1,22,87,120 to the account provided by the stranger who introduced himself as Deepak Kumar. After few weeks, the victim failed to withdraw the profits from his wallet and instead was asked by Deepak to transfer more funds.

After getting suspicious, he approached the police and lodged a complaint. Basing on the details the police managed to apprehend a suspect Ankit Arora (38), a resident of Uttar Pradesh who had supplied his bank account credentials to Deepak Kumar.

“Using the bank account details, Deepak managed to con a Hyderabad man of Rs 1,22,87,120 on pretext of online trading. The victim had transferred the amount in the bank account of Ankit Arora, and later Deepak had transferred it to other accounts. Ankit was paid a commission by Deepak,” said Cybercrime police officials.

The police found out that Deepak is operating from Thailand and a Look out Circular (LoC) will be issued for him.