MBA Graduate Loses Rs.9.29 Lakh in Pig-Butchering Fraud

Hyderabad: Cyberabad cybercrime police have registered a case after a 41-year-old MBA graduate from Bachupally reported losing Rs.9,29,786 in a ‘pig-butchering’ fraud operated through a fake online trading platform.

Police said the victim received a Facebook friend request on November 5, from a profile named Amrutha Chowdary, who claimed they had studied in the same college. She diverted the conversation towards trading, telling him that although he had previously lost money, she could help him recover all losses within three months. She then began guiding him on WhatsApp through the number 9034562139, claiming that she was living in Chennai, had completed a finance module in London, handled her father’s firm Srinivas Constructions, and traded full-time.

She instructed him to download a trading app and create an account, saying that profits would be generated through gold-yield trading in US dollars. On November 8, he was asked to transfer `50,000 to a bank account. When he questioned why Indian accounts were being used for dollar-based trades, she told him these were authorised currency-conversion accounts. The app later showed a profit of Rs.4,608, which he was able to withdraw on November 9, convincing him the platform was genuine.

She then advised him to invest in a “$10,000 bonus plan” with a 12 per cent bonus and no risk. On November 13, he transferred Rs.8,84,394 to another account in the same bank. However, when he attempted to withdraw the full amount on November 14, the request failed. Although the app displayed a virtual profit of $36,175.32, none of it was accessible.

He contacted the cybercrime helpline 1930 and later filed a complaint, stating that he had transferred a total of Rs.9,34,394, of which only Rs.4,608 was returned. The total amount lost to the cybercrime was Rs.9,29,786. Police said an investigation is underway.