HYDERABAD: A 41-year-old businessman from Patancheru lost Rs 4.89 crore after investing in a fake online trading platform. Based on his complaint, the TGCSB registered a case.
The complainant told police that on September 7, a woman named Lavanya Dasari contacted him on WhatsApp and later referred him to an investment platform, claiming it was involved in stock trading in India and the US.
Lavanya assured him that the company handled all trading analysis and that investing would yield threefold profits. He initially invested Rs 50,000 through UPI on September 21, after which his trading account reflected a 15% profit.
Lavanya and her associate, Arpitha, then persuaded him to invest larger amounts for higher returns and IPO investments. To gain his confidence, they transferred Rs 15,400 to his account.
Over the next 60 days, he invested a total of Rs 4,89,34,600, and his account appeared to show profits of around Rs 16 crore. However, when he tried to withdraw his funds on October 28, he was told to pay a 15% capital gains tax (about Rs 2.5 crore) before withdrawal.
Realising he had been duped, he approached the police. The TGCSB registered a case and launched an investigation.
Investment scams make up 26% of cybercrimes in TG
Investment-related scams account for about 26% of total cybercrime complaints in Telangana and nearly 66% of the total financial losses, according to TGCSB. As part of the Cyber Jaagrookta Diwas campaign, awareness programmes were held. “Fraudsters create WhatsApp and Telegram groups posing as market experts, offering stock tips and ‘exclusive investment opportunities’,” the TGCSB director said.