Hyderabad Man Loses Rs 30 Lakh in Elaborate Online Investment Scam
In a significant cybercrime incident, the Cyberabad police have registered a cheating case after a private employee from Kukatpally alleged that he and two others were duped of over Rs 30 lakh by promoters of an online investment platform operating through Telegram and WhatsApp.
How the Scam Unfolded
The 39-year-old complainant, identified as Sridhar, was lured in April 2025 to an online investment platform called Pluto Project through a Telegram link. Based on information from the Telegram group and personal chats, he joined a platform operating under the name Sand Paper Company on the Stake Pluto trading platform.
The victim was introduced to the scheme by his acquaintances. Promoters of the scheme were identified as:
- Sulalit Bishwas and Arpan from Kolkata
- Basavaraj Hirole and Sikandar from Karnataka
- Venkata Bhupati Raju and Venkata Narasimha Rao Meda from Andhra Pradesh and Telangana
"The platform, accessed through the Telegram channel Pluto Project, promised safe investments, large profits and foreign junkets," the complainant told police.
Financial Losses Incurred
Believing the claims, Sridhar invested Rs 4.91 lakh in two transactions on April 30 and May 5, 2025. His wife added another Rs 17.2 lakh on May 5, and his friend invested Rs 8.36 lakh on April 29, bringing the total investment from the group to Rs 30.47 lakh.
"Part of my investment, Rs 18.68 lakh, was from a personal loan," the complainant revealed, highlighting the severe financial impact of the fraud.
Scammers Disappear After Collecting Funds
Within two months, Sridhar alleged, all six suspects stopped responding to calls and messages. Attempts to withdraw funds from the trading portal failed, and the Telegram channel was also later disabled by the fraudsters.
Realizing he had been cheated, the complainant approached the Cybercrime police station of Cyberabad along with bank transfer records and chat logs on Wednesday.
Legal Action Initiated
On his complaint, a case was registered under multiple sections of the Bharatiya Nyaya Sanhita and the Information Technology Act:
- Sections 318(4) (cheating)
- 319(2) (cheating by personation)
- 336(3) (forgery for purpose of cheating)
- 338 (forgery of valuable security, will, etc.)
- 340(2) (using as genuine a forged document or electronic record)
- Read with 3(5) (common intention) of the Bharatiya Nyaya Sanhita
- Section 66-D of the Information Technology Act
This case highlights the growing threat of online investment scams operating through encrypted messaging platforms, where fraudsters create elaborate schemes to exploit unsuspecting victims seeking financial gains.
