HYDERABAD: A 35-year-old businessman from Hyderabad lost Rs 12.31 crore in an alleged investment fraud after being lured with promises of high returns over eight months. The victim, founder of a financial and business services company, made more than 200 transactions to different bank accounts between March 10 and November 26.
In his complaint, the victim said that a person identifying himself as Arjun contacted him through WhatsApp on March 2. The accused allegedly told him that he had identified him through Facebook Marketplace and introduced himself as a trading expert. The victim initially invested Rs 10,000 on March 10. He was subsequently persuaded to transfer a total of Rs 15 crore.
To gain his confidence, the accused initially credited about Rs 3 crore to the victim’s bank account as purported profits. However, when the victim tried to withdraw the amount, the accused allegedly insisted that he make additional investments. Based on his complaint, the Telangana Cyber Security Bureau registered a case.
