Former IPS officer’s wife duped of ₹2.58 crore in investment fraud

The wife of a former IPS officer was allegedly cheated of ₹2.58 crore in an online investment fraud after being lured with promises of high returns through stock market trading in Hyderabad.

The victim, a resident of MLA Colony in Banjara Hills, received an unsolicited invitation on an instant messaging application in November last year, offering lucrative profits through investments in the stock market.

Police said the messages appeared genuine, prompting the victim to follow up with the individuals for a few days. As she was not familiar with online trading platforms, she allegedly asked her husband to join the group on her behalf, where fraudsters would ‘guide’ her in stock market investments.

Believing the assurances, the victim allegedly transferred money in multiple transactions between December 24 and January 5, investing a total of ₹2.58 crore. When she later attempted to withdraw the amount, the fraudsters demanded additional investments, claiming this was mandatory to unlock the withdrawal option.

Suspecting foul play, the woman realised she had been cheated and approached the cyber crime wing of the Hyderabad police. A case has been registered and an investigation has been launched to trace the fraudsters and recover the money.