Between August 1 and September 2, the victim made 30 transactions through RTGS and online banking, transferring money into accounts suggested by the fraudsters.
Hyderabad: A 34-year-old software professional from Serilingampally has lost Rs 3.14 crore in a cyber fraud involving fake investment schemes in cryptocurrency and stock trading. The Telangana Cyber Security Bureau (TGSB) has registered a case and launched an investigation.
The victim was first contacted online by a woman identifying herself as Sneha Sarda, who posed as an investment advisor and promised quick, high returns. Investigators said the same name had surfaced in another case where a businessman was duped of Rs 3.6 crore. To win confidence, the accused initially encouraged small investments, sent manipulated dashboards and fake profit screenshots, and gradually persuaded the techie to increase his deposits.
Between August 1 and September 2, the victim made 30 transactions through RTGS and online banking, transferring money into accounts suggested by the fraudsters. Officials said once credited, the money was moved rapidly across multiple accounts, a common laundering method that complicates investigations. Many of these accounts are believed to be operated by commission-based holders, while the masterminds operate from abroad.
The victim began with Rs 50,000 and eventually transferred as much as Rs 23 lakh in a single transaction, using his bank accounts. On the fake trading dashboard, profits were shown as high as Rs 23 crore. When the victim sought to withdraw his supposed earnings, the fraudsters demanded additional charges, which aroused his suspicion.
Realising he had been deceived, the techie approached TGSB officials, reporting a total loss of Rs 3,14,94,854. Police said a probe is under way and efforts are on to trace the accused.
