Hyderabad police refund Rs 1.05 cr lost to investment fraud

Hyderabad: The cybercrime unit of the Hyderabad police on November 3 refunded Rs 1.05 crore to a man who lost the amount to an investment fraud.

The victim, who is a private employee reported that the fraudsters enticed him to invest the money for better returns. Believing the accused, the man transferred Rs 1,22,26,205 to a bank account provided to him.

The cybercrime unit registered a case under sections 66(C), 66(D) of the IT Act, and sections 319(2), 318(4), 338, 336(3), and 340(2) of the Indian Penal Code. Notices were issued to bank officials, requested the freezing of the fraudulent accounts, and guided the complainant in filing a petition in court to reclaim the withheld funds.

Shortly thereafter, court orders were obtained, authorizing the return of Rs 1,05, 00,000.