A practising chartered accountant from Andhra Pradesh’s Rajamahendravaram has allegedly been cheated of Rs 4.7 crore by cyber fraudsters in an elaborate online investment scam that promised to double his money within a short period.
According to Three Town Circle Inspector Varri Apparao, the victim, Venkateswarlu from RV Nagar, was added to a WhatsApp group in May this year. The group regularly posted messages advertising lucrative investment opportunities with guaranteed high returns. In his complaint to police, Venkateswarlu said members of the group persuaded him to invest in their 'company,' claiming it was linked to the stock market.
“To gain his trust, they offered a trial scheme—if he invested Rs 25 lakh, he would earn a profit of Rs 2 lakh. After making the payment, he received the promised profit, which boosted his confidence in the offer,” said a police officer.
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Encouraged by this apparent success, the Venkateswarlu began investing larger sums in stages. “Between May and July, he transferred a total of Rs 4.7 crore into bank accounts provided by the scammers. However, after the substantial transactions, the fraudsters stopped responding to his calls and messages,” the officer said.
Realising he had been duped, Venkateswarlu approached Three Town Police Station and lodged a complaint. “A case was registered on Wednesday, and an investigation is underway to identify the culprits and recover the funds,” said another officer of the cybercrime wing.
Police have urged the public to be wary of investment schemes promoted through social media and messaging platforms and to verify the authenticity of any company before investing.
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