Share trading: Hyderabad-based businessman duped of Rs 85 lakh by fraudsters

Hyderabad: A businessman from the city was allegedly duped of Rs 85 lakh by fraudsters after he invested in online share trading. According to the police, Prabhakar Reddy, a native of Suryapet residing in the city received a phone call from one person in 2017, convincing him into investing in online share trading with assurances […]

Hyderabad: A businessman from the city was allegedly duped of Rs 85 lakh by fraudsters after he invested in online share trading.

According to the police, Prabhakar Reddy, a native of Suryapet residing in the city received a phone call from one person in 2017, convincing him into investing in online share trading with assurances of huge profits. Believing the caller who also provided him details of his company, Reddy over a period of time invested Rs.85 lakh and transferred the amount to different bank accounts provided by the man.

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The conman, who claimed to be an executive of the company, informed Reddy of his ‘profits’. However, when Prabhakar Reddy asked him to transfer the amount along with the profits to him, the man switched off his mobile phones.

On a complaint the police booked a case and tracked down the bank accounts to Bengaluru. The police are investigating.