Hyderabad: A 35-year-old businessman has allegedly lost Rs 12.3 crore in an online stock trading fraud. Based on his complaint, the Telangana Cyber Security Bureau (TGCSB) registered a case on Friday. The complainant, a resident of Pragathi Nagar and founder of a finance company, told the police that he was contacted by an individual on March 2, who identified himself as Arjun and claimed to have noticed the victim’s profile on Facebook Marketplace.“Arjun introduced himself as a stock market investor and trading expert. I initially invested Rs 10,000 on March 10 by transferring the amount to a bank account provided by Arjun. Till Oct 26, I was induced to transfer about Rs 15.3 crore to multiple bank accounts provided by the fraudster, who assured me of higher returns. During this period, I received over Rs 3 crore from the fraudster, which made me continue investing,” the victim told the police.The fraud came to light in Nov when the victim tried to withdraw his entire investment along with the profits. “I was asked to invest more before my withdrawal request could be processed. I became suspicious and lodged a complaint with the National Cyber Crime Reporting Portal on Nov 11. I have incurred a financial loss of over Rs 12.3 crore,” the victim stated in his complaint to the TGCSB on Nov 13. A case was registered under relevant sections of the BNS and the IT Act.
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