A 35-year-old private employee from Parsigutta in Hyderabad has approached the Hyderabad Cyber Crime police, alleging that he lost Rs 1.2 crore by placing bets on an online casino and sports betting platform, funnexchange.com. The police registered a cheating case on Wednesday and initiated an investigation into the matter.
How the fraud unfolded
The victim, a resident of Parsigutta, stated that he came across a link to Funnexchange.com while browsing the internet in February 2024. Attracted by the prospect of playing roulette games on the site, he initially received some winnings, which convinced him that the platform was genuine. He continued playing from February 2024 until April 17, 2026, during which he transferred money in a staggering 1,187 transactions on different dates.
In his complaint, the victim claimed, "I have lost over Rs 1.21 crore due to online bets and games on funnexchange.com. During the same period, I received a little over Rs 19.3 lakh, which was only given to lure me into investing more." As his winnings became increasingly rare, he reviewed his overall money transactions over the past two years on the site and realized he had been defrauded.
Legal action sought
The victim urged the police, "I have been cheated through the online gaming platform. Please register a case and initiate appropriate legal action." Based on his complaint, the Hyderabad Cyber Crime police registered a case under Sections 66C and 66D of the Information Technology Act, Sections 318(4) (Cheating) and 319(2) (Cheating by personation) of the Bharatiya Nyaya Sanhita (BNS), and provisions of the Online Gaming Act, 2025.
The investigation is ongoing, and authorities are working to trace the transactions and identify the perpetrators behind the fraudulent platform.
