Businessman Cheated of Rs 1.59 Crore in Investment Scam
The application reflected small profits, creating confidence in the platform
Hyderabad: Cybercrime police have registered a case after a businessman from Medipally was allegedly cheated of Rs 1.59 crore in an online investment fraud involving a fake trading website, WhatsApp-based coordination and cryptocurrency transactions.
According to the complaint, the victim came across a website in September last while browsing the Internet, which claimed to help users make informed trading decisions and manage investment risks.
After registering on the platform, he told the police, he received login credentials and was redirected to WhatsApp numbers, where individuals introduced themselves as customer support executives and advised him to communicate privately regarding deposits, withdrawals and trading activity.
According to the complaint, the victim was asked to share personal and banking details, including his phone number, PAN card and bank account information. He was then instructed to open a trading account on the platform’s proprietary application and deposit funds to begin trading. Initially, he transferred `50,000, which was converted into USDT and credited to his in-app wallet. The application reflected small profits, creating confidence in the platform.
Believing the gains to be genuine, and relying on screenshots shared by the accused showing profits from share trading, the victim transferred additional amounts of `5 lakh, `20 lakh and `14 lakh over the following weeks. In total, the platform displayed an in-app investment value of `1.58 crore, equivalent to 1.67 lakh USDT.
When the victim attempted to withdraw the funds, the request was denied. The accused claimed that since the profits exceeded a specified limit, Indian government regulations required payment of a 30 per cent profit tax amounting to nearly `49 lakh before processing withdrawals, following which the victim paid the amount. On attempting withdrawal again, the accused demanded an additional `19 lakh towards PayPal and currency exchange charges.
When the victim refused to make further payments, he realised that he had been cheated and approached the Cybercrime police. Based on the complaint, a case was registered under the BNS and the IT Act, and a probe is under way to trace the bank accounts, cryptocurrency wallets, websites and digital communication used in the fraud and to identify those involved.
