Man duped of ₹10L by fraudsters

Kovelakuntla (Nandyal district) : In a shocking incident of fraud, a man from Nandyal district was deceived by unidentified fraudsters under the pretext of exchanging foreign currency.

The victim, Mahaboob Basha, was lured into the trap when the fraudsters convinced him to exchange his Indian currency for a higher-value foreign currency.

According to reports, the fraudsters approached Mahaboob Basha and claimed that they had access to foreign currency worth Rs 30 lakh. They offered him a deal, promising that if he handed over Rs 10 lakh in Indian currency, he would receive the equivalent amount in high-value foreign notes.

Believing the offer to be genuine and expecting a lucrative exchange, Mahaboob Basha agreed to the deal and handed over Rs 10 lakh to them. The fraudsters then handed him a sealed bag, assuring him that it contained the promised foreign currency.

However, when Mahaboob Basha later opened the bag, he was stunned to find that it contained nothing but blank papers instead of genuine currency. Realising that he had been cheated, he immediately approached the Kovelakuntla Police Station and lodged a complaint.

Upon receiving the complaint, the Kovelakuntla police swiftly registered a case and began an investigation into the scam. They are currently working on identifying and tracking down the culprits behind this fraudulent scheme. Authorities are also urging the people to be cautious and avoid falling victim to such scams.

Officials have warned people to remain vigilant and not engage in suspicious financial transactions, especially those involving foreign currency exchanges from unknown individuals.

They emphasised that such fraudsters often use convincing tactics to lure victims with the promise of high returns, only to dupe them in the end.