Hyderabad engineer loses ₹50 lakh in cyber investment fraud
HYDERABAD: A 42-year-old software engineer from Adibatla lost more than ₹50 lakh after being duped in a cyber fraud that promised high returns on online investments.
Fraudsters lured victim through WhatsApp, Telegram
According to the complaint filed with the Rachakonda cybercrime police, the man was first contacted on WhatsApp and then redirected to a Telegram group that promoted a task-based investment scheme linked to international stock markets.
Investigators said the operators initially paid small amounts for completing online rating tasks to gain his confidence.
Payments escalated through ‘VIP levels’
Once he started investing, he was told that higher “VIP levels” would generate larger profits. He first deposited ₹80,000 and was then asked to pay an additional ₹80,000 as a so-called “thawing fee.”
When he attempted to withdraw his earnings, the platform cited fabricated technical issues — including alleged bank detail errors and merchant account failures — and demanded more payments.
Believing the explanations, the victim paid ₹16 lakh in multiple transfers. Each time he attempted withdrawal, the system created new reasons to block it and sought fresh charges described as repair fees, unfreeze fees or account score upgrades.
Case registered; probe underway
Police said the victim continued making transfers under pressure and threats of account blockage until he realised he had lost more than ₹50 lakh. He then approached the Rachakonda cybercrime police, who registered a case and initiated an investigation.
