Hyderabad IT professional falls victim to ₹50 lakh scam
Hyderabad techie loses ₹50 lakh in investment scam
Despite paying the demanded amounts, the platform repeatedly created new excuses to block the user’s withdrawal requests.
Hyderabad: A software engineer in Hyderabad has fallen victim to a massive cyber fraud, losing Rs 50 lakh after being lured by promises of high returns on an online investment platform. The 42-year-old resident of Adibatla approached the Rachakonda cybercrime police and filed a formal complaint detailing the elaborate scheme that led to his financial loss. According to his account, he was first contacted via WhatsApp and subsequently redirected to a Telegram group where he was introduced to a task-based investment programme reportedly linked to international stock markets.
The investment opportunity promised unusually high returns for completing simple online rating tasks. To gain the victim’s trust, the fraudsters initially made small payments for completed tasks, creating an impression of legitimacy. As the software engineer continued to engage with the platform and invested more funds, he was told that achieving higher “VIP levels” would unlock significantly larger profits. To advance to these VIP levels, he was asked to deposit Rs 80,000 and was later charged an additional “thawing fee” of the same amount.
Following these initial payments, the fraudsters continued to extract money under various pretexts, primarily linked to processing withdrawals. The victim was asked to pay Rs 16 lakh to release his accumulated funds. Despite complying with these demands, his withdrawal requests were repeatedly declined. Each time, the platform generated new excuses, citing technical issues such as incorrect bank details, merchant account errors, or system malfunctions. The cybercriminals continually manufactured obstacles to maintain the illusion that the platform was functional and the funds could eventually be retrieved.
The scammers further exploited the engineer’s trust by inventing additional charges for “repairing” the system, “unfreezing” the account, or “upgrading” his account score to enable larger transactions. Every new payment request came with assurances that the full balance would be released once the problem was resolved. However, the promised withdrawals never materialised. The victim, believing the explanations and under pressure from persistent threats, continued transferring money. He faced time-bound pressures, with warnings that his account could be blocked or that his bank accounts might be frozen if he did not comply immediately.
Even after repeatedly paying, the platform created fresh barriers to prevent him from accessing his funds. The cycle of demands and excuses continued for weeks, systematically extracting more money from the victim. It was only after he had lost more than Rs 50 lakh that he realised the entire setup was a calculated scam, designed with no intention of returning any funds.
The Rachakonda Cybercrime police have registered a case based on his complaint, and investigations are currently underway to identify and apprehend the perpetrators. Authorities are looking into the digital trails left by the fraudsters, including WhatsApp communications, Telegram group interactions, and banking transactions, in hopes of tracing the operators behind the scheme. Investigators are also examining whether similar complaints have been filed by other victims, as such task-based investment frauds often involve multiple targets operating through coordinated networks.
Cybercrime experts note that such scams are increasingly sophisticated, exploiting popular communication platforms like WhatsApp and Telegram to lure victims. Fraudsters often employ a combination of initial trust-building payments and escalating demands to extract large sums, preying on victims’ confidence and the allure of high returns. These schemes are designed to manipulate emotions, with urgency and fear tactics frequently used to pressure individuals into compliance.
Authorities have urged the public to exercise caution when approached with investment offers online, especially those promising unusually high returns for minimal effort. Experts advise verifying the legitimacy of the platform, avoiding sharing personal or financial information, and consulting with financial advisors before committing significant sums. They also recommend reporting any suspicious activity immediately to cybercrime units to prevent further victimisation.
In the present case, the Hyderabad software engineer’s experience underscores the risks posed by sophisticated online investment scams and serves as a cautionary tale for investors. While the investigation continues, law enforcement officials are working to track down the perpetrators and bring them to justice, aiming to prevent similar frauds and recover lost funds wherever possible. The case highlights the need for vigilance and awareness in navigating digital financial opportunities, particularly those that appear lucrative yet operate outside regulated financial institutions.