Businessman duped of ₹4.8 crore in online trading scam
HYDERABAD: A 41-year-old businessman from Sangareddy district was allegedly cheated of ₹4.8 crore by fraudsters who promised high returns through a bogus online trading platform. The case was registered by the Telangana Cyber Crime Special Branch (TGCSB), Hyderabad, under the Information Technology Act and provisions of the Bharatiya Nyaya Sanhita (BNS).
Victim lured by fake investment app promising triple returns
According to the complaint lodged by Aravind Kumar, a resident of Muthangi village in Patancheru mandal, the fraud began on September 7, 2025, when two women, identified as Lavanya Dasari and her friend Arpitha, both reportedly working in Bengaluru, contacted him through WhatsApp. Lavanya claimed her uncle, Narsimha Rao, lived in the United Kingdom and her father ran a tyre business in Visakhapatnam.
They introduced Aravind to a supposed stock trading platform www.etoroglofx.com, assuring that it handled investments in Indian and US markets and promised threefold profits. Persuaded by their assurances, he initially invested ₹50,000 via UPI to one Ruldu Singh. The trading account showed a 15% profit soon after, which built his confidence.
To encourage further investment, the accused transferred ₹15,400 to Aravind’s account from an entity named “Golden Leg”. Over the next two months, under constant persuasion, Aravind invested a total of ₹4,89,34,600 through multiple bank transfers from his Kotak and HDFC accounts to accounts in different states, including Bihar, Rajasthan, Uttar Pradesh, Maharashtra and West Bengal for the following firms Jay Prakash Enterprises, Zahid Enterprises, Nivesha Enterprises LLP, Ridhi Sidhi Enterprises, Alok Traders, Ekvira Enterprises, Omendra Contractor, Balaji Enterprises, Samnani Agro Foods, Malay Enterprises, Mohit Traders, and Slords Consumer Goods India
The platform showed a fabricated profit of ₹16 crore to mislead the victim. When Aravind attempted to withdraw funds on October 28, 2025, the suspects claimed he must first pay a 15% capital gains tax, amounting to about ₹2.5 crore, before release of the funds. Suspicious of the demand, he realised he had been duped.
Aravind reported the incident through the National Cyber Crime Reporting Portal on November 1, 2025, stating a total financial loss of ₹4,89,34,600. Based on his petition, TGCSB registered a case under Section 66-D of the IT Act, 2000 (as amended in 2008) and Sections 318(4), 319(2), and 338 of the Bharatiya Nyaya Sanhita. Investigation is under way.
