Businessman loses over Rs 4cr in investment scam: Here’s what happened

A businessman from Manikonda, Hyderabad, recently lost Rs 4.76 crore in a well-planned cyber fraud that posed as a genuine stock investment opportunity. If you or someone you know has ever considered investing online, this is a cautionary tale worth reading. Here’s how the scam unfolded and how you can avoid falling for such scams.

The scam started on March 18, 2025, when the victim was contacted by a woman identifying herself as Vinita Patodia, claiming to be a group assistant at the securities exchange of a private bank. As the victim showed interest in stock investments, he was approached by another fraudster pretending to be Vinita Parekh, assistant to Aswin Parekh who was said to be a senior official at the bank.

The scammers used multiple WhatsApp numbers and built a fake but convincing trading setup. They shared a website, trading app, and even fake SEBI certificates to gain his trust, reports TOI. Promises of 100-300 percent returns lured the businessman into making 42 transactions over a month, transferring a total of Rs 4.76 crore to 14 different bank accounts between March and April.

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The fraudsters even allowed him to withdraw Rs 1.5 lakh in small amounts. However, when he tried to withdraw his so-called profits of over Rs 49 crore, they asked him to pay a 15 percent “advance tax” of Rs 6.72 crore. 

Sensing something was wrong, the businessman consulted an accountant and realised he had been duped.

How to avoid falling for such scams

• Verify platforms: Always check if investment apps and websites are registered with government authorities.
• Avoid unrealistic promises: Be cautious of anyone promising huge returns in a short time.
• Do your research: Google the names, companies, or emails involved. Look for reviews or warnings.
• Never rush into payments: Take your time. Speak to a financial advisor before transferring money.
• Report suspicious activity: If something feels off, contact cybercrime authorities immediately.

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