Hyderabad businessman duped of ₹27 crore in online investment fraud
HYDERABAD: A 34-year-old businessman from Malakpet has approached the cybercrime police, alleging that he was cheated of ₹27.4 crore in an online investment scam that operated through a Telegram group and a mobile application.
In his written complaint submitted on September 24, 2025, to the Assistant Commissioner of Police, Cyber Crimes police station, Basheerbagh, the complainant, V Hemanth Reddy, a resident of Malakpet, stated that the fraud began in April this year when he received a phone call from a foreign number. The caller introduced himself as "Naresh Gopal" and claimed to be a financial adviser.
Lured into Telegram group
Reddy said he was added to a Telegram group named Financial Assistance_179 Investment Group, where members posed as professional advisers. They suggested he install a mobile application called HappyAce and start trading.
Believing their claims of high profits, he began by investing ₹2,000. The agents then provided him with multiple bank account details and persuaded him to transfer larger sums over several months.
“In total, I transferred ₹27,44,21,492.69 into the accounts provided by them. The app even displayed my investment along with profits, showing a balance of about ₹5 crore. However, whenever I tried to withdraw, the agents stopped responding and all communication was discontinued,” Reddy said in his complaint.
Loss discovered after communication stopped
The businessman told police that he trusted the group because of their professional conduct and English-language communication. He said he was repeatedly assured that his money was safe and that profits would be credited. Realising that he had been deceived, he approached the cybercrime police seeking legal action.
Police begin probe
Cybercrime officials confirmed receipt of the complaint and said that a case has been registered. Efforts are on to track the fraudsters and the bank accounts into which the funds were transferred.
Officials have also cautioned the public against believing investment schemes circulated through social media or anonymous calls, stating that fraudsters are increasingly using encrypted platforms such as Telegram to lure investors.
