A Call, A Link, and ₹3.37 Crore Gone: Cyber Swindle Hits Former Top Bureaucrat
A retired IAS officer from Hyderabad fell victim to a sophisticated cyber scam and lost a staggering ₹3.37 crore, after being lured with the promise of high returns from stock market investments.
Hyderabad: A retired IAS officer from Hyderabad fell victim to a sophisticated cyber scam and lost a staggering ₹3.37 crore, after being lured with the promise of high returns from stock market investments. The 72-year-old officer, who once served as a Principal Secretary in the undivided Andhra Pradesh, resides in Somajiguda.
Table of Contents
Scam Began with a Link on His Phone
The incident began a few months ago when the officer received a link on his mobile phone promoting a trading platform. Curious and interested in investing, he clicked on the link and was soon contacted by a man identifying himself as Arjun Mehta, who claimed to be the Chief Investment Officer of the company behind the platform.
Promised High Returns via AI-Based Trading
The fraudster told the retired officer that their firm used AI-based algorithms to invest in mutual funds and IPOs, which could yield 120% to 160% returns at the time of listing. The impressive pitch, paired with regular WhatsApp video calls three times a day, slowly gained the trust of the former bureaucrat.
₹3.37 Crore Transferred to Fraudulent Accounts
Encouraged by the fake success stories and detailed investment suggestions, the retired officer ended up transferring ₹3.37 crore to various bank accounts provided by the scammer. These transfers were made in multiple installments under the pretense of stock market investments.
Also Read: Paresh Rawal Clarifies Exit from ‘Hera Pheri 3’, Denies Creative Dispute with Director
₹22.35 Crore Fake Profit Shown in Virtual Account
After the investments, the cybercriminal showed the officer a virtual trading account reflecting a supposed profit of ₹22.35 crore. However, when the officer tried to withdraw the funds, he found himself unable to do so. Realizing he had been duped, he approached the Telangana Cyber Security Bureau (TGCSB) and filed a complaint.
TGCSB Initiates Investigation
Following the complaint, the TGCSB has launched an investigation to trace the suspect and the financial trail. Authorities are now working to identify the networks involved and have urged the public to remain cautious of unsolicited investment links and fake trading platforms.
Online Investment Fraud on the Rise
This case highlights the growing trend of cybercrime targeting elderly and retired professionals through well-orchestrated schemes involving fake investment platforms, AI-generated dashboards, and manipulated profit visuals.
