Hyderabad Businessman Defrauded of ₹1.52 Crore in Elaborate Forex Trading Scam
In a shocking case of cyber fraud, a 57-year-old businessman from Hyderabad has been duped of a staggering ₹1.52 crore through an elaborate online forex trading scam. The Malkajgiri police have registered a formal case and launched a comprehensive investigation to apprehend the perpetrators behind this sophisticated financial fraud.
How the Elaborate Scam Unfolded
The victim, a resident of Habsiguda, approached law enforcement authorities with a detailed complaint alleging that he was systematically defrauded by a woman operating under the alias Khushi Sharma and her associates. According to police reports, the fraudulent scheme began on May 5, 2025, when Sharma initiated contact through Facebook by sending multiple friend requests to the victim.
Posing as a legitimate financial advisor with purported connections to Bokaro Steel City, Sharma gradually built trust with the Hyderabad businessman over time. She then persuaded him to download the 'Dupoin Market' application using a specific link and invitation code she provided, presenting herself as an experienced forex trading mentor.
The Systematic Financial Drain
The fraudster initially guided the victim to deposit ₹43,500 into the platform, after which she manipulated the application to display fictitious profits, thereby building false confidence in the legitimacy of the operation. Over the subsequent months, the victim continued following instructions from the fraudster, only to encounter insurmountable obstacles when attempting to withdraw his funds.
Platform administrators then demanded successive payments under various pretexts, including:
- ₹65 lakh for VIP access privileges
- ₹41 lakh as a guarantee fee
- Additional substantial amounts for income tax compliance
- Anti-money laundering clearance charges
- Various platform maintenance fees
Despite transferring over ₹1.52 crore across 46 separate transactions, the victim was never permitted to withdraw any funds from the platform. The dashboard continued to falsely reflect an investment worth ₹2.15 crore, creating the illusion of substantial returns while systematically draining the victim's finances.
Communication Cutoff and Police Action
"The platform dashboard falsely reflected an investment worth 2.15 crore, and the accused suddenly stopped all communication when I refused to pay any additional amounts," the victim stated in his complaint to authorities.
Following the victim's detailed complaint, the Malkajgiri police registered a formal case on Sunday under multiple legal provisions. The charges include:
- Sections 316(2), 318(4), 319(2), and 338 of the Bharatiya Nyaya Sanhita
- Sections 66C and 66D of the Information Technology Act
This case highlights the growing sophistication of online financial frauds targeting individuals through social media platforms and fake investment applications. Authorities are urging citizens to exercise extreme caution when engaging with unsolicited financial advice or investment opportunities through digital channels.
