Hyderabad Cyber Crime Police refunds Rs 1.09 crore to victims of cyber fraud

HYDERABAD: The Hyderabad City Cyber Crime Police have refunded Rs 1.09 crore to victims of two major cyber fraud cases.

The victims were duped by fraudsters who promised significant returns on investments through unauthorized platforms. The police took swift action, freezing fraudulent accounts and recovering the funds.

In the first case, a 52-year-old private employee from Begumpet was cheated out of Rs 1,22,26,205. The fraudsters lured him into trading through an institutional account on a website, promising substantial profits. Upon investigation, the police recovered and refunded Rs 80 lakh to the victim.

In the second case, a 62-year-old Hyderabad resident was misled into investing Rs 32,10,000 in what he believed was Goldman Sachs Securities. He was also promised high returns. The police recovered Rs 29,10,000 from the fraudulent accounts and returned it to the victim.

Inspector K Madhusudhan Rao led the investigation in the first case, while Sub-Inspector P Suresh led the team in the second case under the direct supervision of ACP Shiva Maruthi and Chand Basha and the guidance of DCP Cyber Crimes D Kavitha.

The police coordinated with bank officials to freeze the accounts and assisted the victims in filing refund petitions. The Additional Chief Metropolitan Magistrate of Nampally, Hyderabad, ordered the release of the funds, which were then credited back to the victims' accounts.

Hyderabad Police Commissioner CV Anand appreciated the efforts of the Cyber Crime team and urged the public to be cautious about investing in unauthorized platforms promising unrealistic returns. He emphasized the importance of reporting such frauds immediately to increase the chances of fund recovery.