Engineer Loses Rs 10.3 Crore in Casino Investment Scam
persons promised high returns, vanished after taking money
Hyderabad: A software engineer from Hyderabad, currently residing in the United States, was allegedly cheated of Rs 10.3 crore by persons known to him on the pretext of investing in a casino and gaming business. The victim’s father lodged a complaint with the Hyderabad Central Crime Station (CCS) earlier this week.
The victim, originally from Humayunnagar, was introduced to a couple in 2021 through acquaintances during a visit to the city. The accused allegedly proposed an investment in a casino-related commercial venture and assured him of high returns.
Police said the victim transferred a total of Rs 10.3 crore in multiple instalments between December 2021 and November 2022. Despite repeated assurances that the business would commence soon and generate profits, the accused allegedly neither initiated the venture nor returned the money. When the victim sought clarification, they reportedly avoided him and later stopped responding.
It is also suspected that a few others assisted the main accused in facilitating the transactions and handling the funds. “This appears to be a person-to-person cheating case involving known individuals. There are more people who have been cheated by the accused in a similar manner. There are three accused listed in the FIR currently,” CCS deputy commissioner of police C. Chaitanya Kumar told Deccan Chronicle.
Police said they were working on identifying and collecting complaints from other victims to ascertain the scale of loss. Meanwhile, teams are on the job to trace the accused. A case has been registered, and further investigation into the incident is underway.
