Real Estate Businessman from Telangana Loses 4.9 Crore in Online Investment Scam
A 55-year-old real estate businessman from Hasthinapuram, Telangana, was duped of Rs 4.9 crore in an elaborate online trading scam. The Telangana Cyber Security Bureau (TGCSB) has registered a case based on his complaint.
Online ScamReal EstateTelanganaCybercrimeInvestment FraudReal EstateAug 26, 2025
The scam began in June when a woman identifying herself as Monica contacted the victim via WhatsApp. She introduced herself as an expert in cryptocurrency and forex trading and directed the businessman to the website m.ironfxsvip. Monica offered to manage trades on his behalf, promising substantial returns.
Initially, the victim made a ‘test transfer’ of Rs 50,000 on July 3 through his virtual account on the platform. The platform quickly showed a 24% profit on his initial investment, which helped dispel his initial skepticism. Encouraged by the apparent success, he began transferring progressively larger sums of money over the next week. By the end of the period, he had transferred Rs 1.5 crore, and the website displayed his ‘profits’ as over Rs 3.5 crore.
However, the scam took a turn when the victim tried to withdraw the money from his virtual account. He was then asked to pay Rs 1.4 crore in tax and an additional Rs 1.8 crore as an upgradation fee to become a VIP member. The scammer assured him that the Rs 1.8 crore would be added to his account balance. Trusting the claims, the victim transferred the money, and it soon reflected in his virtual account.
From July 3 to August 22, the complainant transferred a total of Rs 4.87 crore in 27 RTGS and UPI transactions from bank accounts belonging to him and his family members. The money was transferred to different bank accounts operating from cities such as Delhi, Ludhiana, Ahmedabad, Mumbai, and Visakhapatnam.
After repeated withdrawal requests were declined and a final demand for another Rs 2.5 crore was issued, the victim approached the National Cyber Crime Reporting Portal on August 23. Based on his written complaint, the TGCSB registered a case under section 66-D of the IT Act and sections 318(4) (cheating), 319(2) (cheating by personation), and 338 (forgery of valuable security, will, etc) of the Bharatiya Nyaya Sanhita (BNS).
'We are working with banks and payment gateways to freeze beneficiary accounts and identify the end beneficiaries,' said a TGCSB official.
The case highlights the increasing sophistication of online scams and the importance of exercising caution when dealing with online investment opportunities. Victims are advised to report any suspicious activity immediately to the relevant authorities.
Frequently Asked Questions
What is the total amount the businessman lost in the scam?
The businessman lost Rs 4.9 crore in the online investment scam.
Who contacted the victim initially and how?
A woman identifying herself as Monica contacted the victim via WhatsApp in June.
What was the first amount the victim transferred as a test?
The victim initially made a ‘test transfer’ of Rs 50,000 on July 3.
What additional fees were the victim asked to pay to withdraw the money?
The victim was asked to pay Rs 1.4 crore in tax and Rs 1.8 crore as an upgradation fee to become a VIP member.
Which organization registered the case based on the victim's complaint?
The Telangana Cyber Security Bureau (TGCSB) registered the case based on the victim's complaint.
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