Hyderabad Businessmen Duped of Crores in Elaborate Online Investment Scams
In a stark warning about the perils of digital fraud, two businessmen from Khammam, Telangana, have collectively lost over Rs 2.38 crore in sophisticated online investment scams. The Telangana Cyber Security Bureau (TGCSB) has registered separate cases following complaints from a 50-year-old interior decoration businessman and a 57-year-old deputy general manager of a private firm, highlighting the escalating threat of cybercrime in the region.
Crypto-Trading Scam: Businessman Loses Rs 2.05 Crore
The first victim, a 50-year-old interior decoration businessman, was targeted through a WhatsApp message on November 25, 2025. The sender, identifying herself as Jessica Meenakshi, claimed to work for a ceramic firm in Sharjah and also operated a family-owned crypto and forex trading business. She persuaded the victim to open an account on the website pc.fxprogroup.cc, promising substantial returns on foreign-exchange and cryptocurrency deals.
Initially, after investing Rs 50,000 on December 14, 2025, the victim was allowed to withdraw a supposed profit of Rs 4,880 the next day. "I was convinced that the platform was genuine and continued to invest," the victim stated. Over the following weeks, he transferred over Rs 1 crore from his four bank accounts and three accounts of his friends between December 14, 2025, and January 21, 2026.
When he attempted to withdraw an on-screen balance of USD 389,592 on January 21, the fraudsters demanded Rs 64 lakh towards income tax. By February 3, the victim had paid this amount and tried to withdraw again. "This time, I was asked to pay Rs 34.28 lakh towards currency-exchange fee, and I paid the same on February 7. Subsequently, I was asked to pay Rs 51.42 lakh towards security deposit fee, and I realised that it was a fraud. I lost over Rs 2.05 crore," the victim told TGCSB investigators. A case was registered at the TGCSB's Khammam unit on March 12 based on his complaint.
Fake Stock Portal Scam: Manager Loses Rs 33.5 Lakh
In the second incident, a 57-year-old deputy general manager at a private firm in Khammam fell victim to a fake stock market investment scheme in May 2025. The scam was promoted through an online advertisement featuring a fabricated video of Union Finance Minister Nirmala Sitharaman on Instagram. After clicking the ad, the victim was contacted by tele-callers identifying themselves as Abdul and Arul, who guided him to open accounts on websites identified as trad****.com and bu******et.com.
Trusting their advice, the victim began transferring money from his personal bank accounts, investing over Rs 33.5 lakh between May 26 and September 6, 2025. His withdrawal requests were initially stalled and later rejected, with the websites recently showing negative balances. Based on his complaint, the TGCSB Khammam unit booked a case under relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act on March 20.
Cyber Security Bureau Issues Alert
The TGCSB has emphasized the need for heightened vigilance among investors, particularly in light of these cases involving fake videos and deceptive online platforms. Authorities advise the public to verify the authenticity of investment opportunities and avoid transferring large sums based on unsolicited messages or advertisements. These incidents underscore the growing sophistication of cyber fraudsters who exploit digital tools to lure victims with promises of high returns.
As online scams become more prevalent, law enforcement agencies are urging citizens to report suspicious activities promptly to prevent further financial losses. The investigation into both cases is ongoing, with efforts to track down the perpetrators behind these elaborate frauds.
