Rs. 39 lakhs returned to cyber investment scam victims in Hyderabad
Hyderabad: Hyderabad City Cyber Crime Police have successfully refunded an amount of Rs. 39,00,000 (Rupees thirty-nine lakhs) to victims involved in a cyber fraud case (Cr.No. 2185/2024). The victims were deceived by fraudsters posing as stock trading experts, promising substantial profits.
According to police reports, a 34-year-old unemployed male from Hyderabad filed a complaint stating that he had been cheated under the guise of stock trading through a platform called MSTOCKMAX. The victim transferred a total of ₹78,70,500 (Rupees seventy-eight lakh seventy thousand five hundred) to bank accounts provided by the accused.
In response, the Cyber Crime Police registered a case under Cr.No. 2185/2024, invoking sections 66(C) and 66(D) of the IT Act, as well as sections 319(2), 318(4), 338, 336(3), and 340(2) of the BNS. Inspector K. Madhusudhan Rao, along with officers Venkatesh and Sampath, coordinated efforts to issue notices to bank officials, freezing the fraudulent funds. They also guided the complainant on filing a petition in court to recover the held amount.
The efforts of the Cyber Crime Unit have been commended by the Commissioner of Police, Hyderabad City.
Public Advisory:
Beware! Fake investment social media groups on platforms like Telegram, WhatsApp, X, Instagram, and Facebook are increasingly prevalent. They often promise high returns with minimal risk.
Do not trust promises of huge returns or fake profit screenshots. Always use SEBI-approved investment apps and consult a SEBI-registered financial advisor before making any financial decisions.
Scammers may deposit a small amount into the victim’s account to gain their trust and allow for initial withdrawals.
If you fall victim to cyber fraud, it is crucial to report it immediately. If reported promptly, you may be eligible for a refund of at least part of the lost amount. Victims can contact the helpline at 1930 or report through the National Cyber Crime Reporting Portal at cybercrime.gov.in.
