Hyderabad Businessman Loses Nearly Rs 12.5 Crore To Investment Scam
Hyderabad: A businessman from Hyderabad has reportedly lost around 12.31 crore to an alleged financial scam. The victim lost the money to a fraudulent investment scheme, which offered higher returns over eight months.
The businessman, a 35-year-old founder of a financial and business services company, said the scammer contacted him through WhatsApp on March 2. The scammer identified as Arjun and told him that he had identified him through Facebook Marketplace and introduced himself as a trading expert.
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The victim was then lured with the promises of high returns over eight months, and the businessman initially invested Rs 10,000 on March 10.
Subsequently, the victim was persuaded to transfer a total of Rs 15 crore. The accused man initially credited about Rs 3 crore to the victim’s bank account as purported profits, to gain the confidence. Notably, when the victim tried to withdraw the cash, he was allegedly asked to make additional investment.
The victim then approached the police. Based on his complaint, the Telangana Cyber Security Bureau registered a case.
