Patancheru: Man loses Rs 2.43 crore in stock investment fraud

In a shocking incident, a man lost a whopping Rs 2.43 crore to cyber crooks who lured him by offering huge returns in a stock investment fraud.

Sangareddy: Educated people continued to fall prey to cyber fraudsters in the district, particularly in Patancheru area. In a shocking incident, a man lost a whopping Rs 2.43 crore to cyber crooks who lured him by offering huge returns in a stock investment fraud.

Beginning on June 19, the man, a resident of APR Homes in Patancheru, invested the amount in 22 transactions. The cyber fraudsters had lured him asking him to download a mobile application. As they showed him huge returns in his account created in the mobile app, he went on to invest hoping for more returns. He realised that he was cheated when he tried to withdraw the amount.

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The victim registered a case by calling in 1930. Patancheru Inspector Praveen Reddy said they would freeze Rs.28 lakh in the accounts of the fraudsters.