Hyderabad: Cyber fraudsters posing as foreign bank representatives cheated an 85-year-old city resident of ₹29.7 lakh by promising unusually high investment returns. The fraud surfaced after the victim approached Hyderabad cybercrime police and filed a complaint.
The victim, a retired LIC deputy zonal manager from Somajiguda, received a WhatsApp message on October 8. A woman introduced herself as an assistant CEO of a Singapore-based bank. Soon after, she added him to a WhatsApp group titled “83 DBS India Wealth Growth Investment.”
In the group, members regularly posted screenshots claiming high profits. As a result, the victim believed the scheme. He then began transferring money to bank accounts shared by the group members from the second week of November.
Cyber investment scam used fake trading platform
Police said the cyber investment scam operated through a fake stock trading platform. Through this platform, the fraudsters directed the victim to send money to multiple accounts.
These accounts belonged to entities listed as real estate firms and restaurants. Consequently, the victim transferred ₹29.7 lakh between November 14 and December 4. Later, the platform displayed a balance of ₹87.33 lakh in his account.
However, when he tried to withdraw the amount, the fraudsters demanded ₹6.78 lakh. They claimed the payment was required towards income tax. At that point, the victim grew suspicious and stopped further transactions.
He then approached Hyderabad cybercrime police. Based on his complaint, police registered a case under Sections 66C and 66D of the Information Technology Act and Sections 318, 319, 338, and 340 of the Bharatiya Nyaya Sanhita. Police said they have started an investigation.