Hyderabad Cyber Crime Alerts After Rs 1.71 Crore Scam
Hyderabad has once again found itself in the spotlight. It is due to an increase in Cybercrime Cases. With two separate incidents revealing how fraudsters are exploiting people’s trust and exploiting technology to perpetrate a crime of fraud. While some of these scams have been done through WhatsApp investment schemes. Others have used sextortion through video calls. These incidents serve as reminders to all online users of the growing threat of online scams.
The following are some of the most recent news updates from Hyderabad about the growing threat of online scams.
Hyderabad Man Loses ₹1.71 Crore to WhatsApp Investment Fraud
In LB Nagar, a 32-year-old man lost ₹1.71 crore to an elaborate online investment scam that took place on WhatsApp.
According to the complaint filed by the victim, he joined a WhatsApp group in November. It claimed to provide expert advice on the stock market. In this group, members frequently shared their trades and screenshots of their trading with immense profits. This created a sense of trust and urgency for other group members to trade.
Encouraged by the other group members’ claims, the victim began to trade using an online trading link that was sent to him by one of the other members of the group. The victim was told that he was a registered investor for “institutional stock” investments and IPOs. The fraudulent trading platform made it appear that the transaction records and profit margins were legitimate.
Initially, the victim engaged in block trading, buying and selling shares, and was reportedly profitable per the app. Gradually, he invested Rs 1,72,65,000 and was given approximately 1,27,450 shares. After he sold the shares, the app reflected a huge profit after selling of Rs 20.49 crore; however, when the victim attempted to withdraw the money, the scammers requested a “tax” of Rs 2.81 crore. When they continued to demand payments before issuing the withdrawal, the victim realised that he was being scammed.
The victim contacted the cyber crime police at Malkajgiri and a case has been registered and an investigation is underway. A Young Man Scammed Out of Rs 2.6 Lakh in a Sextortion Incident
A 29-year-old man fell victim to a sextortion scheme with a total loss of Rs 2.6 lakh
The victim reported that on January 2 he received a video call from a female identifying herself as Shreya during which she allegedly exposed herself and the victim then immediately hung up.
The victim later received another call from someone who had altered the video of the first call and claimed that he would post it online unless the victim sent him money. Fearing damage to his reputation, he sent the caller Rs 2.6 lakh.
Despite making the payment, the victim experienced continued harassment from the scammers who were still demanding more money from him, and according to reports, the scammers began to threaten the victim’s family members. Unable to cope with such stress, the victim contacted the local law enforcement agency for assistance. A report was filed with the police, and additional investigation into the matter is ongoing.
Increased Concerns Over Cybercrime
Recent news reports highlight the increasing sophistication of cybercriminals, along with the urgent need for citizens to exercise caution in the digital environment. Law enforcement services continue to advise citizens not to invest in unfamiliar investments, verify online brokerage companies, or engage with unknown video conference calls.
Victims of cyber fraud should report the incident promptly to law enforcement to reduce further loss and support the fight against the surge in online scams.
