Hyderabad man loses ₹7.6 lakh in investment scam

The Hyderabad Cyber Crimes Police have flagged yet another case of cyber fraud after a 28-year-old resident of Borabanda lost ₹7.6 lakh in a WhatsApp-based investment scam operating under the guise of ‘Standard Chartered Bank’.

The victim was added to a group titled ‘84 Standard Chartered India Investment Group’, where fraudsters promised him returns of up to 800%, along with daily guaranteed profits. “To lend credibility, they circulated fake Securities and Exchange Board of India (SEBI) certificates and directed him to a fraudulent website made to look like a legitimate trading platform,” explained an officer.

Over time, the man invested incrementally, reaching a total of ₹7.60 lakh by August 23. Scam operators displayed manipulated account balances showing profits of more than ₹45 lakh and later demanded an additional ₹9 lakh and a 25 per cent commission to release the supposed returns. When the victim suggested deducting the charges from his balance, they refused and blocked his access. Realising he had been duped, he lodged a complaint with cybercrime authorities.

Investigators said the case follows a worrying pattern of fraudsters misusing the names of reputed financial institutions to lure investors. Officials reiterated that banks and SEBI-registered entities do not operate investment schemes via WhatsApp groups or personal contacts.