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Hyderabad: Two residents of Hyderabad were duped of Rs 1.65 crore in two cases of Cyber fraud involving crypto currency.

In the firs case, a Hyderabad based businessman lost Rs 1.38 crore in a fake stock trading scam. The 48-year-old victim is a resident of Vanasthalipuram was reportedly duped of Rs 1.38 crore after falling prey to a fraudulent online trading group.

The victim was initially added to a WhatsApp group run by individuals identified as Mukesh Kumar Sharma and Surbhi Gulshan Singh Sobti. The businessman also joined another group which promised to give stock trading tips.

Initially, the victim was advised to invest small amount of money, which earned him profits quickly.

On July 21, he invested Rs 50,000 and was able to withdraw a profit, building his confidence.

This initial success prompted him to invest larger sums into stocks and Initial Public Offerings (IPOs). However, when he tried to withdraw his accumulated earnings, he was repeatedly asked to pay additional charges, including “tax,” “commission,” and “fees.”

Between July 21 and August 26, the businessman made over 16 transactions, investing a total of Rs 1,38,30,000, but was only able to withdraw Rs 1,000. The victim filed a complaint with the Rachakonda cybercrime police, who are now investigating the case.

In the second case, a 30-year-old man, who is a resident of Chandrayangutta was duped of Rs 1.75 lakh. He was lured into cryptocurrency investment via a matrimonial website.

The fraudster approached the victim, pretending to be a woman from London, who was a native of Chennai. The fraudster gained the victim’s trust by agreeing to marry him. The victim was then lured into investing in a fake bitcoin trading platform. The victim invested his savings, took out loans, and borrowed money from friends, totaling Rs 27.5 lakh.

After the investment, the portal showed a profit of Rs 1.34 crore. However, the victim was asked to pay a 10 percent tax of Rs 13.47 lakh to withdraw the profit. The victim realised that he was scammed and filed a complaint with the cybercrime unit of the Hyderabad police.