HYDERABAD: An IIT alumnus, who founded a startup in the city, lost over ₹4 crores to investment fraud. The amount was a part of the ₹7 crores profit his company had earned. Based on his complaint, the cybercrime wing of Cyberabad police registered a case and started an investigation.
The victim, in his mid-20s, graduated in computer science engineering from an IIT last year. Despite getting a lucrative job offer, he went in pursuit of his dream and founded a startup offering IT solutions. Enjoying a steady business, he garnered a profit of over ₹7 crores. He paid around ₹2 crores in taxes.
Meanwhile, two months ago, he received a lucrative investment offer and he started investing in it by paying ₹4.2 crores. Although, in the initial stages, he got the returns that were promised by the investment firm, they stopped paying returns and stopped responding to him. On getting suspicious and realising that he was duped, he approached the police.
Police officials said that they are in the process of tracing the people who were in regular contact with him claiming to be the representatives of the investment firm.
