Hyderabad: Hyderabad cybercrime police investigated the online transaction scam after a 35-year-old private employee was cheated of Rs 9,72,276. One of the payments is shown as a butcher shop.
According to police, the victim was approached two weeks ago via SMS links and emails from fake trading platforms.
The victim told police in the complaint that he was lured to make a high profit commitment and was manipulated for initial investment. Once he starts investing, the fraudster starts putting pressure on him to deposit more quantities.
Scammers claim to use “quantum AI” technology to generate high returns as financial experts. The victim deposited Rs 230 and obtained a small profit to build trust. Subsequently there were multiple transactions at Rs 999, Rs 540, Rs 500 and later Rs 2,584.
For each transaction, the victim was misled with profits and false withdrawal procedures. In one of the deals, he became suspicious after he noticed the name of the UPI merchant listed as “Yawar Meat Shop”.
When the victim attempted to majorly evacuate funds, the fraudster claimed the loss and blocked the request, warning that any withdrawal would affect future earning opportunities. Then they began to threaten him and put pressure on him to invest more. Realizing the scam, the victim reported the matter to the police.
