Hyderabad: Private employee loses Rs 1.16 crore to cyber fraudsters in online trading scam

 A man has approached the Cyberabad Cybercrime police alleging he was duped to the tune of Rs 1.16 crore by cyber fraudsters who promised him huge returns in online trading

Hyderabad: A man has approached the Cyberabad Cybercrime police alleging he was duped to the tune of Rs 1.16 crore by cyber fraudsters who promised him huge returns in online trading.

The 33-year-old private employee from Madhapur told the police that his mobile number was recently added to a Telegram group by unidentified persons, where he was contacted by a woman who claimed to show huge returns for investment in online trading and also offered him guidance and tips for the same.

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Police said the complainant who believed the offer to be true, initially sent amounts ranging between Rs 10,000 to Rs 20,000 through e-wallets. He immediately saw his investment had doubled.

The fraudsters then told him to pay Rs 5 lakh and take membership so he could invest higher amounts and gain more profits. The victim then claimed to have ended up sending a total of Rs 1.16 crore to their bank accounts. However, when he asked them to return his investment and profits, they started avoiding him and blocked his number.

Based on a complaint, the Cybercrime police have booked a case and took up investigation. Efforts are on to trace the cyber crooks.