Hyderabad: A 69-year-old businessman residing in Somajiguda was cheated of ₹2.65 crore by cyber fraudsters who lured him with promises of high returns on online investments. The scam was executed after the accused gained the victim’s trust through social media friendship and gradually persuaded him to transfer large sums of money. After realizing that he had been cheated, the businessman approached the cybercrime unit of the police, which has now registered a case and launched an investigation.
According to the complaint, the victim was contacted on social media by a person who introduced herself using the name Ramya Krishnan. The conversation initially remained casual, but later the accused began discussing investment opportunities. She claimed that she was investing in Polyus Finance (PFP Gold), an alleged online investment platform, and had already invested ₹50 lakh, supposedly earning good returns. The claim was used to build credibility and gain the businessman’s confidence.
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The accused further told the victim about her proposed business projects in the future, including setting up resort and apparel ventures in Kerala and Hyderabad. She allegedly persuaded the businessman to invest in these projects. To strengthen trust, the fraudster first suggested a small transaction and reportedly asked him to transfer ₹50, promising a return to prove that the scheme was genuine.
Encouraged by the initial return, the victim gradually began investing larger amounts. Over a period of time, he transferred money to multiple bank accounts provided by the fraudsters. In total, the businessman sent ₹2.65 crore in different instalments. During preliminary verification, investigators found that the accounts were linked to suspicious individuals and shell entities, suggesting the possibility of an organized cyber fraud network.
After some time, the businessman tried contacting the woman, but her phone was found switched off. Later, another person connected to the same group contacted him and demanded additional fees to allow withdrawal of the alleged investment profits. Sensing something suspicious, the victim stopped transferring money further.
Realising that he had been cheated, the businessman filed a complaint with the cybercrime unit. Based on the complaint, police registered a case and started examining bank account details, mobile numbers, and social media profiles used by the suspects. Preliminary investigation suggests that the fraudsters maintained long-term communication with the victim as part of a planned strategy to keep him trusting their claims.
Cybersecurity experts said such frauds usually begin with social media contact, followed by promises of high investment returns. In many cases, the criminals first return a small amount of money to create a false sense of legitimacy before extracting larger sums from the victim.
Police have advised the public not to trust investment offers from unknown individuals and to verify the authenticity of any online investment scheme before transferring money. People are also urged to remain cautious about suspicious links, applications, and social media contacts.
The cybercrime unit is now tracking the suspected network’s location and analysing banking transaction records. Authorities believe that technical investigation and financial trail analysis may help identify the accused. The investigation into the case is currently ongoing.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
