Hyderabad scientist loses ₹50 lakh in cyber scam
HYDERABAD: Cyber fraudsters allegedly cheated a scientist of ₹50 lakh by luring him into fake investment groups using forged registration details linked to multinational banking major HSBC.
Fake investment groups trap scientist
According to Malkajgiri Cyber Crime Police, Jayaraj Duraiswami, a scientist residing in a gated community at Shameerpet, explored investment platforms on WhatsApp and Telegram in February last year.
Police said he joined two investment groups that used the HSBC logo and fake Securities and Exchange Board of India (SEBI) registration details.
Fraudsters allow initial withdrawal
Initially, Duraiswami invested ₹50,000. The fraudsters reportedly allowed him to withdraw a small profit amount to gain his confidence.
They later persuaded him to invest more money. Believing the claims, he transferred nearly ₹50 lakh in multiple transactions.
Victim approaches police after withdrawal fails
When Duraiswami attempted to withdraw the investment amount, the transactions failed. He then realised he had been cheated and approached the police.
A case has been registered and further investigation is underway.
