A real estate agent in Hyderabad fell victim to an alleged cyber fraud scheme, losing a staggering Rs 5.74 crore over a period of seven months. The Telangana Cyber Security Bureau (TGCSB) registered a criminal case on Saturday based on the victim's complaint.
How the Scam Unfolded
The victim first encountered the fraudulent investment opportunity through an advertisement on YouTube. Intrigued, he registered on the trading platform advertised. Shortly after, an individual named Arjun Reddy contacted him, claiming to be an employee of the trading platform. Subsequently, several other individuals approached the victim, presenting themselves as managers of the same platform.
These fraudsters promised the victim exceptionally high returns on his investments, luring him with assurances of guaranteed profits. Trusting their words, the realtor invested a total of Rs 5.74 crore over seven months. To build credibility, the scammers shared fabricated account statements showing substantial growth in his investments.
Realization and Aftermath
When the victim attempted to withdraw his money, the accused began demanding additional investments. After he refused, the fraudsters went completely incommunicado. This sudden silence made the victim realize that he had been duped by cybercriminals. He promptly approached the authorities, leading to the registration of a case by the TGCSB.
The incident highlights the growing threat of online investment scams, where fraudsters use social media and video platforms to target unsuspecting individuals. Authorities urge the public to exercise caution and verify the legitimacy of any investment opportunity before committing funds.
