Hyderabad: 41-year-old MBA Graduate Loses ₹9.29 Lakh in Online Trading Fraud

Hyderabad, Cyberabad: A 41-year-old MBA graduate from Bachupally lost ₹9,29,786 in a “pig-butchering” cyber fraud operated through a fake online trading platform. The Cyberabad cybercrime police have registered a case and started an investigation.

According to the police, the victim received a Facebook friend request on November 5 from a woman named Amrutha Chowdary, who claimed they had studied in the same college. During their chat, she shifted the conversation to online trading. She told him that although he had lost money earlier, she could help him recover everything within three months.

She then moved the conversation to WhatsApp and claimed she was living in Chennai, had studied finance in London, managed her father’s company Srinivas Constructions, and traded full time.

The victim was asked to download a trading app and create an account. She told him that profits would be earned through gold-yield trading in US dollars. On November 8, he was instructed to transfer ₹50,000 to a bank account. When he asked why Indian accounts were being used, she said they were authorised accounts for currency conversion.

The app later showed a profit of ₹4,608, which he successfully withdrew on November 9. This made him believe the platform was genuine.

She then convinced him to invest in a “$10,000 bonus plan” with a 12% bonus and “no risk.” On November 13, he transferred another ₹8,84,394 to a different bank account. But when he tried to withdraw the total amount on November 14, the request failed. Although the app showed a virtual profit of $36,175.32, none of it could be withdrawn.

Realising he had been cheated, he contacted the cybercrime helpline 1930 and later filed a complaint. In total, he had transferred ₹9,34,394, of which only ₹4,608 was returned. His total loss came to ₹9,29,786.

Police say they are investigating the case and tracing the accounts involved in the fraud.