Hyderabad man duped of ₹74.3 lakh in investment scam

A 50-year-old man from Saidabad was duped of ₹74.3 lakh in an investment scam by fraudsters impersonating representatives of well-known financial firms.

The victim was first contacted via WhatsApp on May 18 by persons claiming to represent ‘Citadel’ and ‘Axis Securities’. They shared links to what appeared to be legitimate investment platforms, promising daily returns ranging between 8% and 20%. Convinced by the presentation, the victim made initial investments of ₹1 lakh in each platform through IMPS. When he received a credited profit of ₹8,000 on May 20, he believed the scheme to be authentic.

Encouraged by the early returns, he was coaxed into making larger investments under the pretext of high gains from IPO stock deals, with the fraudsters promising returns of up to 240% and 320%. Between May 23 and June 13, he transferred ₹31 lakh to Citadel and ₹43.3 lakh to Axis Securities.

The scam escalated further when the fraudsters demanded an additional ₹83 lakh and ₹70.7 lakh, claiming the investments would yield a total return of ₹7.5 crore. The victim, growing suspicious, refused to pay more and soon realised he had been deceived.

Despite both fake apps now displaying balance of ₹1.26 crore in Citadel and ₹2.62 crore in Axis Securities, the victim has been unable to withdraw any funds.

Following a complaint, the cybercrime wing of the Hyderabad police booked a case and initiated an investigation.