Hyderabad Businessman Duped in WhatsApp Investment Scam, Loses Rs 7.88 Crore

Hyderabad: A 55-year-old businessman from KPHB Colony has fallen victim to a high-value online investment scam, losing Rs 7.88 crore to fraudsters posing as stock market advisors. The Telangana Cyber Security Bureau (TGSCB) has registered a case and launched an investigation to track the perpetrators.

Victim Lured via WhatsApp

According to police, the businessman was contacted on WhatsApp on July 25 by two individuals—Satyanarayana, using a UK number, and Vaishali, contacting him from India. They claimed to be stock market advisors and shared a link to a trading portal, ‘https://www.finalto-indus.com’, claiming it was a joint UK-India platform designed to manage investments and generate high returns.

Small Gains Built Trust

The victim made an initial UPI transfer of Rs 45,000, which the platform immediately showed as a 15% gain. He was even allowed to withdraw Rs 8,600, boosting his confidence in the legitimacy of the portal. Encouraged by these early results, he continued investing larger sums over the next two months.

Massive Transfers Across States

Between July 25 and September 30, the businessman transferred over Rs 7.88 crore from his HDFC, Canara Bank, and SBI accounts into 35 accounts across 10 states through 103 separate transactions. By the end of September, the portal showed a profit of Rs 11 crore, reinforcing the illusion of a genuine investment opportunity.

Red Flag: Capital Gains Tax Demand

Suspicion arose on September 30 when the businessman tried to withdraw his funds. The operators demanded an additional Rs 3 crore as capital gains tax before releasing the money. Realizing the scam, he lodged a complaint.

Case Registered and Investigation Underway

On October 5, the businessman filed a complaint on the National Cyber Crime Reporting Portal and approached TGSCB headquarters in Hyderabad. A case has been registered under Section 66-D of the IT Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS), including cheating, personation, forgery, and criminal conspiracy.

Funds Being Traced

“The money transferred by the victim was further routed to several other accounts and withdrawn. We are analysing the transactions to identify and apprehend the offenders,” said a TGSCB official. The bureau is coordinating with banks and police across states to track the fraudsters.

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