The Telangana Cyber Security Bureau is delving into what appears to be the state’s most significant individual cyber fraud. A 75-year-old retired senior manager has lost Rs 13 crore in what seems to be a sophisticated scam. The incident began when the victim was contacted via WhatsApp on July 1 with an enticing investment offer.
Attracted by the prospect of substantial returns, the elderly man initially invested Rs 4 crore within ten days. As his account balance soared to Rs 10 crore, he sought to withdraw his funds. The scammers, however, claimed that additional payments were necessary for various taxes and fees, including GST, CGST, conversion tax, and foreign exchange tax. Misled into believing that these payments would enable him to recover his initial investment along with the expected profits, he transferred an additional Rs 9 crore over the next 15 days.
To cover these payments, he liquidated mutual funds and other savings, funneling the money through his personal bank account. It took him around 50 days to realize he had been duped. He filed a complaint with the Telangana Cyber Security Bureau on Monday. The late report has severely affected the recovery of the lost money. So far, authorities have only managed to recover Rs 20 lakh out of the Rs 13 crore. The funds were dispersed through various methods, including checks and ATM withdrawals, across states like Rajasthan, Gujarat, Maharashtra, and Kerala, with an additional Rs 2 crore transferred to Dubai.
Law enforcement is currently interrogating several suspects in Hyderabad, who are believed to have withdrawn some of the stolen funds.
