Cybercrime police refund Rs. 39 lakh to victim

Hyderabad: The Hyderabad city cybercrime police refunded Rs 39 lakh to a victim who was cheated by cyber fraudsters on the pretext of stock trading, promising substantial profits.

According to the police, a 34-year-old unemployed man from Hyderabad was cheated by a cyber fraudster under the pretext of stock trading MSTOCKMAX. The fraudsters made him transfer Rs 78,70,500 to bank accounts they provided.

Following a complaint, the police registered a case and initiated an investigation. Inspector K Madhusudhan Rao, along with PCs Venkatesh and Sampath, took efforts to send notices to bank officials, followed up with them to freeze the fraudulent amount, and guided the complainant to file a petition in court for the refund of the amount to his bank account.

Police Commissioner C V Anand appreciated the efforts of the cybercrime unit. The police advised people to be careful about fake investment social media groups, on Telegram, WhatsApp, X, Instagram, and Facebook, which are popping up everywhere promising high returns with little risk.

“Don’t believe promises of huge returns and fake profit screen shots. Do not fall for these scams, always use SEBI-approved apps for investment. Always ask a SEBI-registered financial adviser before investing. Scammers will credit a small amount in the victim's account to gain confidence and allow withdrawal amount as well,” officials said.

Officials further clarified that there is a possibility to get a refund of at least part of the lost and put on hold amount if it is reported immediately. Victims of such cyber frauds can report immediately to the helpline 1930 or through the national cybercrime portal cybercrime.gov.in.