Hyderabad: Businessman duped of Rs 85 lakh over share trading

Hyderabad: A businessman from Suryapet who invested in online share trading was allegedly duped of Rs 85 lakh by fraudsters.

According to police officials, the victim identified as Prabhakar Reddy received a phone call regarding the investment in 2017. The caller provided complete details of his company and convinced Reddy by promising major profits.

Based on their conversation Reddy transferred Rs 85 lakh over regular intervals into various bank accounts. After a while, the con man informed Reddy of his ‘profits’. However, upon being asked to transfer the profits to Reddy’s account there was no response.  

The police have traced the bank accounts to Bengaluru. A case has been registered and investigations are on.