Hyderabad: A 35-year-old businessman from Hyderabad allegedly lost Rs 12.31 crore in an investment fraud after being lured with promises of high returns over eight months. The victim, who runs a financial and business services company, made more than 200 transactions to different bank accounts between March 10 and November 26.
According to the police, the victim, Dilip Tammireddy (35), a resident of Pragathi Nagar, lodged a complaint with the Telangana Cyber Security Bureau (TGCSB) on Friday.
In his complaint, the victim said that a person identifying himself as Arjun contacted him through WhatsApp on March 2. The accused allegedly claimed to have identified him through Facebook Marketplace and introduced himself as a trading expert.
The victim initially invested Rs 10,000 on March 10 after being promised high returns and was subsequently persuaded to transfer a total of Rs 15 crore in instalments.
To gain his confidence, the accused initially credited about Rs 3 crore to the victim's bank account as purported profits. However, when the victim tried to withdraw the remaining amount, the accused allegedly insisted that he make additional investments.
Based on the complaint, the Telangana Cyber Security Bureau registered a case.