Hyderabad: Retired Govt Official and Private Employee Fall Prey to Investment Fraud

Hyderabad: The Rachakonda cybercrime police are investigating two separate cases where a retired assistant director of school education and a private employee lost Rs 3.5 lakh and Rs 17.4 lakh, respectively, to investment frauds.

In the first case, a 61-year-old retired assistant director from the Uppal area reported unauthorised stock market transactions. He stated that he had been using Upstox account for trading since 2024. In July 2024, his email address linked to the account was fraudulently changed without his knowledge, and stocks worth Rs 3,57,610 were transferred out of his account. Despite repeated complaints to Upstox customer care, no action was taken. The complainant has now sought police intervention to address the unauthorised transfer and identify the accused.

In the second case, a private employee fell victim to an investment scam and lost Rs 17.4 lakh. According to the complaint, the victim was approached by a person named Snaha on WhatsApp in November 2024, who introduced an investment scheme promising earnings from clicking advertisements and selecting preferences, with returns ranging from Rs 50 to Rs 100 per task. The complainant was later directed to another individual on Telegram, who promoted a digital currency investment scheme offering high returns. Trusting the scheme, the victim transferred Rs 17,48,615 in 18 transactions between November 18 and November 19, 2024. However, no returns were received, and when the victim demanded a refund, he was asked to pay additional taxes, realising only then that it was a scam.

The Rachakonda cybercrime police are actively investigating both cases to identify and apprehend the fraudsters involved.