Hyderabad police arrested a man in the Goshamahal area on charges of cheating a local businessman of 77.5 lakh rupees through a fraudulent investment scheme, officials said.
Investigators said the accused allegedly lured the victim with promises of high returns from a fabricated investment opportunity. The businessman transferred funds before discovering the scheme was not legitimate.
Police registered a case after the victim filed a complaint detailing the transactions and communications with the suspect. The arrest followed an investigation that traced the accused to the Goshamahal neighbourhood, a central Hyderabad locality.
Financial fraud cases involving fake investment platforms have increased in Telangana in recent years, with police periodically busting networks that target business owners and professionals. Authorities urged the public to verify investment schemes through registered financial institutions and report suspicious offers to law enforcement before transferring money.
The Goshamahal police station handled the arrest as part of ongoing efforts against financial fraud in Hyderabad. Investigators were examining whether additional victims may have been targeted through the same scheme. Telangana police have warned that fraudulent investment platforms often use social media and messaging apps to reach potential victims.
Hyderabad cybercrime units have reported a rise in investment fraud cases involving promises of unusually high returns within short periods. Officials advised verifying registration status and seeking legal counsel before transferring large sums to unknown entities.
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