HomeSecurity ArchitectureMan loses 28 lakh rupees in cyber fraud

Man loses 28 lakh rupees in cyber fraud

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A private employee residing in Kothapeta, Hyderabad found himself entangled in a web of cyber fraud, where he fell prey to an investment scam related to Boeing shares. The victim, whose identity has not been disclosed, was first approached by an individual named Prashanth, who claimed to be a technical architect at an esteemed American aerospace company.

Prashanth allured the victim by promising an astounding 200 per cent profit on shares within a mere 60 days, which prompted the victim to invest an initial amount of Rs.4 lakh. Entranced by the possibility of high returns, the victim went a step further and, in a bid to maximize his profits, borrowed an additional Rs.20 lakh to invest in the scheme.

However, as time passed, it became evident that the promised returns were nothing but a mirage. No profits materialized, leaving the victim in a state of shock and financial distress. Desperate for answers, the victim was soon introduced to another individual, Siddharth, who was purportedly Prashanth’s manager.

Siddharth assured the victim that his money would be refunded within a week, but in a shrewd move, he insisted that the victim pay an additional fee for taxes in order to expedite the transaction. Fearing that he would lose his entire investment if he did not comply, the victim reluctantly obliged and made the additional payment for taxes.

Despite fulfilling all the demands made by the fraudsters, no money was ever returned to the victim. It was at this point that the victim realized the extent of the deception and decided to take matters into his own hands. He promptly reported the incident to the authorities, disclosing a staggering loss of Rs.28 lakh.

The case has since been taken up by the Rachakonda Cybercrime wing, who are leaving no stone unturned in their pursuit of justice. As they delve deeper into the intricate web of deceit spun by the fraudsters, the hope for the victim to recover his hard-earned money remains alive.

In a world that is increasingly reliant on technology and digital transactions, incidents of cyber fraud have become all too common. The ease with which scammers can operate from behind the anonymity of their screens poses a significant challenge to law enforcement agencies.

It is imperative for individuals to exercise caution and due diligence while engaging in online transactions or investments. Vigilance and skepticism are key tools in safeguarding oneself against falling victim to such schemes. The unfortunate ordeal faced by the victim from Kothapeta serves as a stark reminder of the dangers that lurk in the shadows of the digital realm.

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