Hyderabad businessman alleges ₹1.5 crore online betting fraud
HYDERABAD: A 33-year-old businessman from Hyderabad has lodged a complaint with the Cyber Crime police alleging that he was cheated of approximately ₹1,5 crore in an online betting fraud operated through multiple interconnected websites.
According to the complaint, Ragi Parameshwar Reddy, a resident of Lakdikapool, stated that he was induced to participate in online betting activities in 2025 after receiving promotional WhatsApp messages and calls from different mobile numbers. The callers identified themselves as representatives of “BETINEXCHANGE”.
Reddy said he was encouraged to place bets on cricket, Teen Patti and casino games, with assurances of “high returns and guaranteed profits”, particularly through a game called Teen Patti.
To test the platform, he initially deposited ₹20,001 and received ₹5,000 as profit. “This initial return created confidence and trust in their platform,” he stated in the complaint.
Initial profits built trust, says complainant
Encouraged by continued persuasion and assistance from so-called customer support executives, he went on to deposit money into various bank accounts, UPI IDs, QR codes and cash deposit machines shared by the operators.
Between 2025 and January 2026, he deposited approximately ₹1.5 crore in multiple transactions from his personal bank accounts and his wife’s accounts. He claimed to have received around ₹20 lakh as profit in the early stages.
Subsequently, he suffered heavy losses and lost the entire deposited amount, the complaint stated. Whenever he attempted to withdraw his winnings or recover losses, he was allegedly redirected to other sub-platforms. The complainant alleged that the platforms appeared to be interconnected and operated by the same group.
Websites, accounts frequently changed to avoid detection
Reddy alleged that the operators frequently changed domain names, websites and bank accounts to avoid detection. When one platform stopped functioning, he was shifted to another and induced to continue betting to recover earlier losses.
He stated that the accused created an illusion of profit in the beginning to gain his confidence and later manipulated betting results and blocked withdrawals, causing wrongful loss to him and wrongful gain to themselves.
The complaint lists hundreds of transactions made between January 2025 and January 2026 to various private limited companies and UPI IDs across different banks, including Union Bank of India and HDFC Bank accounts. The transactions were made in varying amounts, largely ranging between ₹9,000 and ₹40,000 per transfer.
The complainant also shared details of WhatsApp numbers allegedly used by the fraudsters. He further provided links to Instagram accounts purportedly associated with the platforms.
Reddy has requested the Cyber Crime police to register a case, trace the bank accounts and UPI IDs involved, investigate the individuals or organisations operating the listed platforms, and take action as per law for cheating, online fraud and illegal online betting operations.
Police officials said the complaint is under examination.
