A Cyber Fraud Gang in Hyderabad has swindled a businessman out of 7 crore rupees by depositing money into his bank accounts over an eight-month period. The victim only realized he had been duped when he sought help from a cyber security bureau after suspecting foul play. The police have registered a case under the relevant sections and an investigation is underway.
According to the police, the businessman from Kondapur, Hyderabad, runs a hardware store in Devarkonda Mandal of Nalgonda district, Telangana. He had partnered with another businessman named Ganta Yadaiya, also known as Giri, in the real estate business since 2019. Giri proposed a new scheme to the hardware store owner in August 2023, claiming that he knew a philanthropist named Swamiji Ketavath Dev Singh Naik from Anumula village in Halia Mandal. Giri promised that 30% of any donation made by the businessman for tax savings would be returned to him using fake RBI documents, citing the release of 19.5 crore rupees soon.
The businessman was then lured into transferring money to various accounts, ultimately resulting in the loss of 7 crore rupees. Despite assurances and promises by the fraud gang, the victim did not receive the promised donation amount. The police investigation revealed multiple transactions totaling 7 crore rupees between Giri’s gang and the victim’s associates. The victim sought help from the cyber security bureau during this time of distress and financial loss.