Hyderabad businessman duped of Rs 12.3 cr in trading fraud

Hyderabad: A 35-year-old businessman from Hyderabad was duped of Rs 12.3 crore in an online trading fraud over seven months, from March to October 2026.

The fraud came to light in November when the victim tried to withdraw his entire investment along with the profits.

The victim is a resident of Pragatinagar, who approached the Telangana Cybersecurity Bureau (TGCSB) on Friday, November 13, and filed a complaint stating that on March 2, he was contacted by an individual who identified himself as Arjun and claimed to have noticed the victim’s profile on Facebook Marketplace.

In his complaint, the victim said that Arjun introduced himself as a stock market investor and trading expert. The victim initially invested Rs 10,000 on March 10 by transferring the amount to a bank account provided by Arjun.

“Till October 26, I was forced to transfer about Rs 15.3 crore to multiple bank accounts provided by the fraudster, who assured me of higher returns. During this period, I received over Rs 3 crore from the fraudster, which made me continue investing,” the businessman told the police.

The businessman was asked to invest more before the withdrawal request could be processed. He became suspicious and lodged a complaint with the National Cyber Crime Reporting Portal on November 11.

Based on the complaint, a case was registered under Sections 316(2) (criminal breach of trust), 318(4) (cheating), 319(2) (cheating by personation), and 338 (forgery of valuable security, will, etc.) of the Bharatiya Nyaya Sanhita (BNS) and Sections 66-C and 66-D of the Information Technology (IT) Act.

Get the latest updates in Hyderabad City News, Technology, Entertainment, Sports, Politics and Top Stories on WhatsApp & Telegram by subscribing to our channels. You can also download our app for Android and iOS.