Hyderabad man duped of Rs 42 lakh in demat fraud

HYDERABAD: Cyber fraudsters duped a businessman to the tune of Rs 42 lakh under the pretext of assisting him in trade investment. The suspects initially offered to help the victim with investment tips and later gained access of his demat account. Based on his complaint, the Cybercrime wing of Hyderabad have started an investigation.

The victim, who was interested in trading, had opened a demat account recently. A few days ago, he received calls from unknown persons claiming to be trade experts and offered investment tips. For a few days, they gave him some tips and after a week told him that his investment had not gained any profit. 

After gaining his confidence, they sought access to the businessman’s demat account.

Three days later, they informed him that he had made a profit of Rs 21 lakh and asked him to pay some charges to withdraw the profit amount. Using this ruse, they withdrew Rs 42 lakh from his account. The victim who realised that he had been cheated, approached the police.