�Hyderabad: The Hyderabad cybercrime police have launched an investigation into an online trading scam after a 35-year-old private employee was duped of Rs 9,72,276. One of the payments was shown as being made to a meat shop.
According to police, the victim was approached two weeks ago through an SMS link and an email by a fake trading platform.
The victim told the police in a complaint that he was lured with promises of high profits and manipulated into making initial investments. Once he began investing, the fraudsters began pressurising him to deposit larger amounts.
The scammers, posing as financial experts, claimed to use ‘quantum AI’ technology to generate high returns. The victim deposited Rs 230 and was shown a small profit to build trust. This was followed by multiple transactions of Rs 999, Rs 540, Rs 500 and later Rs 2,584.
For each transaction, the victim was misled with false promises of profit and fake withdrawal processes. During one of the transactions, he grew suspicious after noticing the UPI merchant name listed as “Yawar Meat Shop.”
When the victim attempted a major withdrawal of funds, the fraudsters claimed losses had occurred and blocked the request, warning that any withdrawal would impact future earning opportunities. They then began to threaten and pressure him to invest more. Realising the scam, the victim reported the matter to the police.
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