A Hyderabad-based businessman has fallen victim to an online forex trading scam, losing approximately ₹328 crore. The Telangana State Cyber Security Bureau (TGCSB) has launched an investigation following the victim’s complaint.
According to the complainant, he was introduced to a forex trading platform called Anzo Capital Global by certain individuals. These intermediaries instructed him to convert Indian rupees into USDT (Tether) via RTGS transfers and deposit the funds into his trading wallet.
Initially, the businessman invested a small amount and observed noticeable profits, which boosted his confidence in the platform. Encouraged by the apparent returns and under the guidance of the fraudsters, he made several larger transfers to various parties between January 8 and May 19, 2025.
However, when attempting to withdraw funds, he was told to pay a “tax” amounting to ₹6 million. Believing the demand was legitimate, he complied and managed to make three partial withdrawals. Subsequently, he was asked to pay additional fees under different pretenses. Realizing the deception, he filed a police complaint.
The TGCSB is actively investigating the case to identify and apprehend those responsible. Authorities have warned the public to exercise caution when dealing with online investment platforms to avoid falling prey to similar scams.
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