Hyderabad Cybercrime police saves businessman Rs 50 lakh after Rs 1.3 cr scam

A 53-year-old businessman from the city received a WhatsApp message promoting a trading app. After downloading the app, he reached out to its customer service, who suggested depositing money for investments in IPO allotments.

Hyderabad: Swift complaint by a cyber fraud victim and prompt action by Cybercrime police has saved Rs 50 lakh from falling into the accounts of cyber fraudsters.

A 53-year-old businessman from the city recently received a WhatsApp message promoting trading on an app. The victim downloaded the app and contacted its customer service team, who advised him to deposit money for investment in IPO allotments.

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Subsequently, the app blocked his withdrawal requests and demanded additional funds. Trapped in the scam, the victim transferred a total of Rs 1.3 crore across multiple transactions.

Realizing that he was cheated, the victim quickly approached the cybercrime police and immediately an entry was made on the NCRP portal of the Cyber Crime Unit, Hyderabad City, regarding the fraudulent transactions.

The matter was escalated to the victim’s bank for further investigation. Upon follow-up, four transactions totaling Rs 50, 87,500 were put on hold. The complainant thanked the cybercrime police for their swift response.