UP man arrested for defrauding Hyderabad investor of Rs 1.4 cr

Hyderabad: The city’s cybercrime officials have arrested Akash Varma, an electrician from Uttar Pradesh, for allegedly cheating a city-based investor out of Rs 1.4 crore by promising high returns on stock market investments.

According to police, Varma is a repeat offender involved in 30 cases across India, including four in Telangana.

The accused lured the complainant by sending a link and encouraging him to start investing small amounts, which gradually increased to substantial sums. Initially, the victim was shown apparent profits to build trust.

Subsequently, Varma and his associates demanded 10 percent of the total profit, prompting the investor to make further deposits, eventually totalling Rs 1.4 crore.

Once the victim attempted to withdraw his funds, he was blocked from accessing the platform, and all communication ceased.

Realising he had been defrauded, the investor approached the Cybercrime Police, who registered a case and initiated an investigation.

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Varma was tracked down and arrested as part of the ongoing crackdown on cyber fraudsters targeting Hyderabad residents.

Officials noted that this case is part of a larger trend of sophisticated investment scams that have resulted in significant financial losses for victims across the city and the country.

Police have urged citizens to exercise caution when approached with online investment opportunities and to verify the legitimacy of such schemes before transferring any funds

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