Retired employee loses ₹6.8 crore in cyber fraud in Hydernagar

A 61-year-old retired employee from Hyderabad has lost ₹6.8 crore in an online investment fraud. The Telangana Cyber Security Bureau (TGCSB) on Monday registered a case following his complaint.

According to the complaint, Dasari Venkateshwara Rao, a resident of Hyder Nagar, said he was added to a WhatsApp group named VIP A37 stock market success strategies group by a person identifying himself as Karim Varma. The group promoted investments in stock trading in India and the United States.

Rao was directed to download applications from Google Play Store and was introduced to a representative named Kristin, who demonstrated trading on a platform called RUSL-C CM. She assured him that the company would handle all analysis and persuaded him to invest.

He first transferred ₹50,000 on August 11, 2025, to an account belonging to Ghosh Developer. The account showed a 30% profit. To build trust, he was able to withdraw the same amount. Later, under constant persuasion, he invested a total of ₹6.8 crore over 35 days.

During this period, his trading account displayed a profit of ₹14.7 crore. On September 12, 2025, when Rao attempted to withdraw ₹1.5 crore, Kristin told him he had to first pay a “capital gains tax” of ₹2.2 crore. This raised his suspicion, leading him to file a complaint.

Rao said he realised he had been defrauded and lodged a complaint through the National Cyber Crime Reporting Portal (NCRP) on September 13, 2025, before approaching the Cyber Security Bureau.

Based on his petition, KVM Prasad, Station House Officer of CCPS Headquarters, TGCSB, registered a case under Section 66-D of the Information Technology Act, 2000–2008, and Sections of the Bharatiya Nyaya Sanhita. Investigation has been entrusted to Inspector D Ashish Reddy.

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