In a chilling reminder of the ever-present threat of cybercrime, a retired engineering college principal from Hyderabad has lost a staggering ₹8.1 crore to a sophisticated online scam. The victim, 59-year-old Chennupati Vijayakumar, a resident of Banjara Hills, reported the incident to the Telangana State Cyber Security Bureau on October 21. According to reports, the fraud involved a complex scheme utilizing fake stock apps and misleading promises of Initial Public Offering (IPO) allotments.
The details of the scam, as outlined in the police report, paint a grim picture of how cybercriminals manipulate unsuspecting individuals for financial gain. Vijayakumar, likely enticed by the prospect of high returns, was lured into investing through fraudulent applications. The fake apps, meticulously designed to resemble legitimate investment platforms, provided a veneer of legitimacy, convincing the retired principal to entrust them with his hard-earned savings.
However, the scheme was a facade, and the promised IPO allotments were nothing but a mirage. Once Vijayakumar transferred his funds, the scammers disappeared, leaving him with nothing but a substantial financial loss and a stark lesson about the dangers of online investment fraud.
This incident underscores the importance of exercising extreme caution when engaging in online investment activities. Investors should always verify the legitimacy of any platform before entrusting their funds.
The Telangana State Cyber Security Bureau is currently investigating the case, seeking to identify the perpetrators and recover the stolen funds. The incident serves as a cautionary tale for all individuals, urging them to remain vigilant and protect themselves from becoming victims of similar scams.
