Hyderabad businessman loses ₹4.89 crore in fake online trading scam

Hyderabad: A 41-year-old businessman from Patancheru was duped of ₹4.89 crore after investing in a fraudulent online trading platform. Based on his complaint, the Telangana Cyber Security Bureau (TGCSB) has registered a case and launched an investigation.

According to police, the victim was contacted on September 7 by a woman named Lavanya Dasari via WhatsApp. She introduced him to an investment platform, claiming it was engaged in stock trading in India and the US. Lavanya assured him that the company handled all trading analysis and promised high returns.

The businessman initially invested ₹50,000 on September 21 through UPI and soon saw a 15% profit reflected in his trading account. Lavanya and her associate, identified as Arpitha, then convinced him to invest larger amounts, even sending him ₹15,400 to build trust.

Over the next two months, the victim transferred ₹4.89 crore to various accounts, and his online dashboard showed an apparent profit of ₹16 crore. However, when he attempted to withdraw his funds on October 28, the fraudsters demanded a 15% capital gains tax — about ₹2.5 crore — before releasing the money. Realising he had been cheated, he filed a police complaint.

Officials said investment-related scams make up around 26% of cybercrime complaints in Telangana and account for nearly 66% of total financial losses. Under the Cyber Jaagrookta Diwas initiative, TGCSB has been conducting awareness campaigns warning citizens about such scams.

“Fraudsters often create WhatsApp and Telegram groups posing as market experts and lure victims with stock tips and exclusive investment opportunities,” said the TGCSB director.