Hyderabad’s tech hub sees surge in Cyber Fraud, Software Engineers prime targets

Cyber Fraud

Software developers and high-paid private employees are the latest victims of fraudsters that seduce them into making investments in cryptocurrencies and stock markets in order to steal from the professionals.

In order to get over the 1093 cyber crime stopper procedure, which prevents money transfers and withdrawals, the targeted individuals are losing thousands of rupees in a short period of time, and the scammers are turning the money they have been paid from them into bitcoin within 24 hours.

Sandeep, a software engineer, lost Rs. 23 lakhs in a single month.

On the social media platform Telegram, he was added to a business group for investments. Sandeep became envious and began investing Rs. 5000 in July after several group members took screenshots of their winnings. Within an hour, he made a profit of Rs. 10,000 and put another Rs. 23,500 into the business. He made another investment of Rs. 61,000 that day and another of Rs. 1.5 lakh the following day as it looked on the screen that he had achieved a profit of Rs. 30,000.

When he saw that his investment had doubled two days later, he immediately invested Rs. 4 lakh. But since there was no way to get the profit after that, he dialed his co-investor’s number. Sandeep made the investment when they suggested they make a further Rs. 1 lakh investment. He made a Rs. 10 lakh investment after six days. He invested a total of Rs. 23 lakh, but when he was unable to get his money out, he knew he had been duped. He promptly reported the matter to the police.

“Investors in investment schemes are unable to withdraw their money. Regardless of your investment, fraud will occur. Therefore, no one should pursue online enterprises or investments in the hopes of making large gains,” according to a representative of the Hyderabad Cybercrime Police Station.

The city has the most reports of cases involving stock market and cryptocurrency investment fraud.

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