A Hyderabad-based scientist was allegedly duped of nearly ₹50 lakh by cyber fraudsters who lured him into fake investment groups operating through WhatsApp and Telegram while posing as representatives of global banking giant HSBC.
According to the police, the victim, identified as Jayaraj Duraiswami, lives in a gated community in Shameerpet and had been exploring online investment opportunities in February last year. During this period, he reportedly joined two investment groups that used the HSBC logo along with forged Securities and Exchange Board of India (SEBI) registration details to appear legitimate.
Investigators said the fraudsters initially convinced the scientist to invest ₹50,000. To gain his trust, they allegedly allowed him to withdraw a small profit amount successfully.
Encouraged by the returns, Duraiswami reportedly continued investing larger sums over time and eventually transferred close to ₹50 lakh through multiple transactions.
The fraud came to light when he later attempted to withdraw the investment amount, but the transactions repeatedly failed. Realising he had been cheated, the scientist approached the Malkajgiri Cyber Crime Police and filed a complaint.
Police have registered a case and launched an investigation into the cyber fraud network behind the scam.
