India, Nov. 14 -- A 35-year-old businessman from Hyderabad allegedly lost Rs 12.31 crore in an investment fraud after being lured with promises of high returns over eight months. The victim, who runs a financial and business services company, made more than 200 transactions to different bank accounts between March 10 and November 26.

According to the police, the victim, Dilip Tammireddy (35), a resident of Pragathi Nagar, lodged a complaint with the Telangana Cyber Security Bureau (TGCSB) on Friday.

In his complaint, the victim said that a person identifying himself as Arjun contacted him through WhatsApp on March 2. The accused allegedly claimed to have identified him through Facebook Marketplace and introduced himself as a trading exp...