Hyderabad Cybercrime police refund Rs 39 lakh to victim of fraud

Hoping to make easy money, the victim deposited money in installments, but soon realised he was cheated as he could not withdraw money after a point

Hyderabad: Hyderabad Cybercrime police have refunded an amount of Rs 39 lakh to a victim who was recently cheated by cyber fraudsters in a stock trading fraud in the city.

The 34-year-old unemployed victim was made to transfer a total of Rs 78.70 lakh to different bank accounts provided by the scammers. Hoping to make easy money, the victim deposited money in installments, but soon realised he was cheated as he could not withdraw money after a point.

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Based on a complaint, the Cybercrime police booked a case and initiated an investigation. Notices were sent to the bank officials, followed up with them to freeze the fraudulent amount. The complainant too was, guided to file a petition in court for the refund of the amount held in the fraudulent accounts.

Public Advisory:

*Beware of fake investment social media groups promising high returns with little risk

*Never believe the promises of huge returns and fake profit screenshots.

*Use SEBI – approved apps for investment. Ask a SEBI registered financial advisor before investing.

*Scammer will credit a small amount in the victim’s account to gain the victim’s confidence and allow withdrawal as well.

*There is a possibility to get refund of at least part of the lost and Put on Hold amount, if it is reported immediately.