HYDERABAD– A 54-year-old housewife in Hyderabad became the victim of an online fraud, losing a total of ₹1.61 crore. The meticulously planned scam began with the simple promise of a part-time job and gradually escalated into a series of financial demands that drained her savings under the guise of cryptocurrency investments.
The Initial Lure of a Simple Task
The scheme was set in motion on June 2, when the woman received an unsuspecting message on WhatsApp. The message invited her to take up a simple, part-time job that involved rating hotels on the Telegram messaging service. To build her trust, the scammers then introduced a new opportunity: an “economic task” promising significant financial returns. She was encouraged to invest a small amount of ₹2,000, and to her surprise, she received a return of ₹2,800. This initial success created a false sense of security, convincing her that the opportunity was legitimate.
Algoritha Security Launches ‘Make in India’ Cyber Lab for Educational Institutions
The Escalation to Investments and Higher Stakes
Confident in the scheme, the woman was encouraged to make larger investments. She was directed to pay increasing amounts for a series of tasks, starting with ₹5,000, which was followed by payments of ₹42,000 and then ₹1,48,000. With each payment, she was assured of higher returns. These transactions, however, were not real investments. Instead, they were part of a carefully crafted plan by the fraudsters to engage her further into the scam, making her more affected to the larger demands that would soon follow.
A Vicious Cycle of Demands and Deceit
Once the woman was deeply committed, the scammers began a campaign of coercive payments. They claimed she had made various “errors” that needed to be corrected with money. She was compelled to pay ₹2,98,000 to “unlock” higher returns, and was later asked for ₹6,00,000 to “boost her credit score.” The promises of huge payouts, such as a promised return of ₹16,80,375, kept her paying. The demands continued to escalate, with payments of ₹11,69,262 for another alleged mistake, ₹8,51,891 as a “tax,” and ₹37,24,404 to “upgrade” her account. In a final act of manipulation, she was convinced to pay another ₹50,00,000 to correct an error and ₹45,00,000 for “service charges,” all in the desperate hope of recovering her initial investments.
The Aftermath and Police Complaint
After her finances had been completely drained, the woman realized the full extent of the deception. She lodged a detailed complaint with the Hyderabad Cybercrime police, outlining the sophisticated and well-orchestrated scheme. The police have launched an investigation to trace the culprits behind the fraud.