A 72-year-old senior executive of a real estate firm from Sanathnagar in Hyderabad fell victim to a massive cyber fraud, losing ₹5.95 crore after being lured into currency and commodities trading through fake mobile applications. The Telangana Cyber Security Bureau (TGCSB) registered a case on Saturday based on the victim's complaint and launched an investigation into the matter.
How the Scam Unfolded
The complainant, a resident of Sanathnagar, told the police that two years ago, he was first contacted through a WhatsApp call by a woman who identified herself as Kaveri. She claimed to be a consultant associated with Mudra One and 9Pro stock trading applications. During the conversation, she explained various investment methods and also informed him about an insurance shield that would cover any trading losses, providing a false sense of security.
Trusting Kaveri's assurances, the victim installed the fake trading platforms on his device and recently began investing in foreign currencies and commodities trading. Over a period of about one month, between April 13 and May 11, he invested a total of ₹5.95 crore. The fake apps displayed his trading account balance as $4,219,730, including profits, which appeared legitimate and encouraged further investment.
Withdrawal Demands and Platform Shutdown
When the victim attempted to withdraw his funds, the fraudsters operating the platforms demanded an additional amount of $1,000,000 as a credit leverage payment, claiming it was required before any settlement could be processed. While the victim was assessing this additional demand, he received a message in the third week of May from the fraudsters stating that Mudra One and 9Pro had discontinued their operations. Consequently, no payment was made to the victim, and he lost his entire investment.
Legal Action and Investigation
Based on the complaint, the TGCSB Headquarters Police Station registered a case under Section 66-D of the Information Technology Act, which deals with cheating by personation using computer resources, and Sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita (BNS). The cybercrime unit has launched a probe to trace the fraudsters and recover the lost funds. Authorities have urged the public to exercise caution while dealing with unsolicited investment offers and to verify the authenticity of trading platforms before investing.
