100 investment fraud cases in the last 2 months in Hyderabad

Hyderabad: Cases of investment fraud through telegram and other similar applications are increasing in the city every day. In the three commissionerates of Hyderabad, Cyberabad, and Rachakonda, this year till February end nearly 100 cases were reported.

The victims were cheated via that particular social media app promising high returns on small investments. The amount lost by victims to fraudsters in the cases is around Rs. 25 crores.

The modus operandi of the fraudsters is the victim receives messages via Telegram promising high returns for investments in a part-time job. To receive the tasks for the job, an amount has to be paid. The fraudsters claim that the service is provided by a company engaged in online trading or crypto business.

“The fraudsters on initial investments provide profits. After investors transfer huge amounts the accounts are blocked on some or other pretext. People have lost huge amounts in the investment frauds,” said a Hyderabad Cyber Crime police official.

Another modus operandi adopted by tricksters is to add the person to a Whatsapp group where some of the gang members pretend to be investors earning huge money. All of them share details about profits earned through trading and others get lured and follow the Telegram links and start investing in trade. “At some stage, the investors are duped by the tricksters,” said the official.