Former IPS officer’s wife duped of ₹2.58 crore in investment fraud

The wife of a former IPS officer was allegedly duped of ₹2.58 crore through an online investment scam after being lured with the promise of high returns through stock market trading in Hyderabad.

The victim, a resident of MLA Colony in Banjara Hills, received an unsolicited invitation from an instant messaging app offering lucrative profits through investment in the stock market in November last year.

Police said the messages appeared to be genuine and that the victim asked him to follow these people for several days. Unfamiliar with online trading platforms, she allegedly asked her husband to join the group on her behalf, where the fraudsters would ‘guide’ him in stock market investments.

Believing these assurances, the victim allegedly transferred money in multiple transactions between December 24 and January 5, investing a total of ₹2.58 crore. When he later tried to withdraw the amount, the scammers demanded additional investment, claiming that it was mandatory to unlock the withdrawal option.

Suspecting foul play, the woman realized that she was cheated and contacted the cyber crime unit of Hyderabad police. A lawsuit was filed and an investigation was launched to track down the fraudsters and recover the money.