Software Engineer loses Rs 1.21 crore in Hyderabad 'cyber fraud'

A software engineer was duped of Rs 1.21 crore in cyber fraud in Hyderabad. Cyber fraudsters lured him on the pretext investments in the stock market.

According to the cybercrime unit of the Cyberabad police, the fraudster convinced the victim that he had earned a profit of Rs 32 crore. As the victim tried to withdraw the money, he was denied access and fraudsters made various excuses to extort money in the



name of a withdrawal fee.

The software engineer made an initial investment of Rs 50,000. He then increased investment believing that he was purchasing genuine stocks. He also received updates about the investment status.

The cybercrime police further said that the fraud began when the victim was added to a WhatsApp group and was directed to a website impersonating a well known company.