Hyderabad: ‘Investment bait’ common tool for cyber fraudsters

In a shocking revelation, businessmen and techies top the list of victims

Hyderabad: Investment frauds have become a common tool for cyber fraudsters in the city. Nearly Rs 2.7 crore has been swindled with regard to cybercrime in less than six months in the Cyberabad Police limits alone.

Investment fraudsters cash on people’s greed and lure them with lucrative offers. According to Cyberabad police, about 50 cases pertaining to different investment frauds have been booked to date, reported Telangana Today.

In a shocking revelation, businessmen and techies top the list of victims. “These fraudsters are gangs from Uttar Pradesh, Bihar and Bengaluru. They are not equipped but they are smart people. Young businessmen and techies as well as homemakers, and elderly people fall into their trap for the greed to earn quick and easy money,” Cyberabad Cybercrime Cell Assistant Commissioner of Police (ACP) G Sridhar was quoted by Telangana Today.

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“They call the targeted people with offers to invest in franchises of reputed firms or on gold stocks. They send messages to the victim’s phone with links to various attractive investment schemes, offering 10-20 per cent high returns, investments in real estate, bitcoins and the share market quick and high returns. They virtually show them profits and collect investments ranging from a few thousand to crores. Once the money is collected, they go absconding,” said the senior officer.

ACP G Sridhar said that young people who have recently got a job would want to secure their hard-earned money and hence fall easy prey to these scams.

He said that the Cyberabad police are taking action against these fraudsters. Citizens can report all sorts of cyber frauds online at cybercrimes.gov.in (National Cyber Crimes Reporting Portal – NCRP) for quick legal action and also block the flow of money to the fraudsters after the fraud.   

Cybercrime can also be reported to the Cyberabad Cybercrime Police on 9490617310 or Cyberabad WhatsApp No: 9490617444 or Dial-100 or 1930 (Within 24 hrs).

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