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A 55-year-old real estate businessman from Hyderabad’s Hasthinapuram area was duped of Rs 4.9 crore in an online investment scam. The Telangana Cyber Security Bureau (TGCSB) registered an FIR in the case on Monday, August 25.
In his complaint, the businessman said that a woman named Monica contacted him via WhatsApp in June 2025 and introduced herself as a forex trading expert. Forex trading, or foreign exchange trading, involves buying and selling of foreign currencies in pairs to earn profits from fluctuations in exchange rates.
The victim was directed to a website named m.ironfxvip.com. After an initial transfer of Rs 50,000 on July 3, the platform showed that he had made a 24% profit, which prompted him to invest larger sums.
By the second week of June, he had transferred Rs 1.5 crore and the website displayed his profits as Rs 3.5 crore. However when he attempted to withdraw the amount, he was asked to pay Rs 1.4 crore in “tax” and an additional Rs 1.8 crore as an “upgradation fee” to become a VIP member.
According to reports, police officials later traced the money to bank accounts in Delhi, Ludhiana, Mumbai and Visakhapatnam.
A case has been registered by the TGCSB for the charges of cheating, impersonation and forgery.