Hyderabad Businessman Loses ₹2.65 Crore in Social Media Investment Scam

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Hyderabad Businessman Loses ₹2.65 Crore in Sophisticated Investment Scam

A 69-year-old businessman in Hyderabad was swindled out of ₹2.65 crore in a sophisticated investment scam orchestrated by cyber fraudsters who gained his trust through social media.

The Scam

The victim was initially contacted by a person claiming to be a woman named Ramya Krishnan, who introduced herself on social media and engaged in casual conversation before gradually introducing investment opportunities.

The scammer claimed to be investing in Polyus Finance, also known as PFP Gold, an online investment platform, and boasted of earning significant returns on an initial investment of ₹50 lakh.

This claim was designed to establish credibility and gain the businessman’s confidence.

Building Trust and Extracting Funds

The accused then discussed proposed business ventures, including the establishment of resorts and apparel companies in Kerala and Hyderabad, and persuaded the victim to invest in these projects.

To build trust, the scammer suggested a small initial transaction, requesting the victim to transfer ₹50 in exchange for a promised return.

After receiving the initial return, the victim began investing larger amounts, eventually transferring ₹2.65 crore in multiple instalments to various bank accounts provided by the fraudsters.

Investigation and Warning

Preliminary investigations revealed that these accounts were linked to suspicious individuals and shell entities, suggesting a large-scale organized cyber fraud network.

Cybersecurity experts note that such scams often begin with social media contact, followed by promises of high returns on investment. In many cases, the scammers return a small amount of money to create a false sense of legitimacy before extracting larger sums from the victim.

The police have advised the public to exercise caution when receiving investment offers from unknown individuals and to verify the authenticity of online investment schemes before transferring funds.

They also urge people to be cautious of suspicious links, applications, and social media contacts.