Three Hyderabad Residents Duped of ₹1.68 Crore in Elaborate Investment Frauds

August 9, Hyderabad — Law enforcement confirmed today that three residents of Hyderabad lost at least ₹1.68 crore in a sophisticated stock investment scam that took advantage of WhatsApp trading groups.

The victims were added to WhatsApp groups that pretended to be elite equity or investment forums. The victims were a 39-year-old defense employee, a 63-year-old chartered accountant, and a 58-year-old government employee. The scammers enticed them with false IPO opportunities and promises of large returns on pre-listing block deals.

In one case, after being persuaded of a profitable opportunity, the defense worker transferred ₹54.6 lakh in 28 transactions. Red flags were raised when the scammers demanded an extra ₹10 lakh when they tried to withdraw profits.

Through similar dishonest platforms that involved threats and loan entrapment, the government employee and the chartered accountant lost a total of ₹1.129 crore.

Sections 66-C and 66-D of the IT Act, as well as relevant sections of the Bharatiya Nyaya Sanhita, have been used by Hyderabad Cybercrime Police to file formal complaints. According to investigations, the scammers used multiple mule accounts to transfer victims’ money, making money-tracing more difficult.

To find and capture the offenders, authorities are now looking through WhatsApp conversations and bank records. The deception’s success highlights the increasing risk of investment frauds made possible by messaging apps.

Officials have strongly advised the public to exercise caution when it comes to unsolicited investment opportunities, especially those that are advertised on social media or in messaging groups. Important precautions still include confirming credentials and avoiding disclosing financial information without adequate verification.