Two held in Hyderabad for cheating man of ₹62.26 lakh in investment fraud
Two men were arrested in Hyderabad for orchestrating an investment fraud that swindled a 69-year-old retiree out of ₹62.26 lakh. The suspects posed as representatives of a UK-based firm to lure the victim into making multiple transfers.
Why it matters
The case underscores the rising threat of sophisticated cyber-enabled financial scams targeting vulnerable populations.
The Cyber Crime Police has arrested two men in Hyderabad for allegedly cheating a 69-year-old retired resident of Tiruvanmiyur in Chennai of ₹62.26 lakh by posing as representatives of a UK-based investment firm.
According to police, the victim was contacted through WhatsApp by persons claiming to represent a private investment company named “Steadyedge Capital” based in the U.K. They allegedly promised high returns if he invested in the company. Believing them, the victim initially transferred ₹1 lakh on February 4, 2025.
The fraudsters subsequently sent him fake account statements showing that his investment was growing. Whenever he tried to withdraw the purported profits, they allegedly demanded advance payments to “release” the funds and instructed him to transfer money to different bank accounts.
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