Hyderabad man loses ₹2.93 crore in mining scam
HYDERABAD: Cyber fraudsters allegedly cheated a former software engineer from Hyderabad of ₹2.93 crore by luring him into a fake mining trading investment scheme.
Woman gains victim’s trust through investment pitch
Ramakrishna, a resident of Nizampet, came into contact with a woman identifying herself as Jyotsna Gangula. She told him that she worked in matrimonial design services in Bengaluru and regularly invested in mining trading ventures.
When Ramakrishna said he was planning to quit his job and take up farming and was searching for agricultural land in different parts of the state, the woman shared her WhatsApp number with him.
Initial profit convinces investor to deposit more funds
She suggested an app and advised him to invest in mining trading or cryptocurrency, claiming that daily deposits of ₹50,000 would generate profits.
On June 11 last year, Ramakrishna transferred ₹50,000 for the first time. The app initially showed a profit of ₹8,410, which he successfully withdrew. This increased his confidence in the scheme.
App shows virtual profits but blocks withdrawals
Over time, Ramakrishna transferred a total of ₹2.93 crore. Although the app displayed a virtual profit of only ₹16,820 on his investments, it did not allow him to withdraw the money.
He later realised that he had been cheated and was the victim of a cyber fraud.
