Hyderabad Businessman Defrauded of Rs73 Lakh in Elaborate Online Betting Racket
A 33-year-old businessman from the AC Guards area of Hyderabad has filed a formal complaint with the Hyderabad Cyber Crime police, alleging he was swindled out of more than Rs73 lakh by an organized online betting syndicate. The sophisticated operation utilized a network of mirror websites to perpetrate the fraud over an extended period.
How the Scam Unfolded Over 13 Months
In his complaint submitted on February 14, the victim detailed how fraudsters, impersonating tele-callers and customer support representatives of a platform called 'BetInExchange', enticed him into placing bets on various games. The fraudulent activities spanned from January 2025 to January 2026 and involved:
- Cricket match betting
- Teen patti games
- Casino-style games
The initial transaction involved a deposit of Rs20,001, which yielded a profit of Rs5,000. This early success served to establish credibility and lure the victim deeper into the scheme.
Escalating Financial Losses Through Multiple Channels
Over the subsequent 13 months, the businessman transferred nearly Rs1 crore through various payment methods provided by the operators, including:
- Multiple bank accounts
- Various UPI IDs
- Cash deposit machines
Significantly, the funds included money from his wife's bank accounts, indicating the extensive financial impact on the family.
The Bait-and-Switch Tactics Employed
According to the complaint, the accused initially credited over Rs20 lakh to the victim's betting account to maintain the illusion of legitimacy. However, when the businessman attempted to withdraw larger sums, his access was abruptly blocked. He was then redirected to several allied websites with promises of recovering his losses, including:
- BetInExchange247
- FunInExchange
- FunInMatch 360
- Funinmatch555
The victim alleged that each time one website was blocked or shut down, the fraudsters simply redirected users to new mirror domains, continuing their deceptive practices uninterrupted.
Legal Action and Police Response
Based on the detailed complaint, Hyderabad police have registered a formal case under multiple legal provisions:
- Sections 66C and 66D of the Information Technology Act
- Sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita
- Sections 3 and 4 of the Telangana Gaming Act
The case registration occurred on Saturday, marking a significant step in investigating this sophisticated cyber fraud operation that has caused substantial financial harm to the Hyderabad businessman.
