Hyderabad Cyber Crime police recover Rs 1.05 Crore from scammers

Hyderabad (Telangana) [India], November 4 (ANI): The Hyderabad Cyber Crime Police have successfully recovered Rs 1.05 crore from scammers, restoring funds to victims deceived by false trading promises, an official police statement said on Monday.
According to a police official, "The Hyderabad Cyber Crime Police successfully refunded an amount of Rs. 1,05,00,000/- (Rupees one crore five lakh only) to victims in case number Cr.No.1665/2024, who were defrauded by cybercriminals on the pretext of investments in trading with promises of substantial profits."
The case began when a 52-year-old male victim, a private employee from Hyderabad, filed a complaint. He reported that cyber fraudsters had deceived him with promises of profits from trading in an institutional account on a platform called "Lazardoosvip.Top." This led him to transfer approximately 'Rs 1,22,26,205' to bank accounts provided by the fraudsters.
In response, the Cyber Crime Police registered a case under everal sections of the Indian Penal Code (IPC). As per the statement, Inspector K Madhusudhan Rao and his team worked under the supervision of ACP Cyber Crime Unit, Shiva Maruthi, and ACP Chand Basha, with leadership from DCP Cyber Crimes, D Kavitha.
The team took quick action by issuing notices to bank officials, requesting the freezing of the fraudulent accounts following which they also guided the complainant in filing a petition in court to reclaim the withheld funds. Shortly thereafter, the court authorized the return of Rs 1,05,00,000 which was successfully refunded to the victim's account.
The Hyderabad police also issued a public advisory which read, " Beware! Fake investment Advertisement on social media Platforms i.e. Telegram, WhatsApp, X, Instagram and Facebook are popping up everywhere promising high returns with little risk. Never believe the promises of huge returns and Fake profit screenshots. Don't fall for these scams! Always use SEBI - approved apps for investment. Always ask a SEBI registered financial advisor before investing. Scammers will credit a small amount in the victim's account to gain the victim's confidence and allow withdrawal amount as well. There is a possibility to get a refund of at least part of the lost and PUT ON HOLD amount, if it is reported immediately. Victims of such Cyber frauds can report immediately dial 1930 or (http://cybercrime.gov.in)." (ANI)