Hyderabad: A 35-year-old private worker from Parsigutta has approached Hyderabad Cyber Crime police alleging that he lost 1.2 crore by placing bets on an online casino and sports betting platform, funnexchange.com. Police registered a cheating case on Wednesday and began an investigation.The victim from Parsigutta said he came across the Funnexchange.com link while browsing the internet in Feb 2024. He was attracted to mainly play roulette games on the site and initially received some winnings, which made him believe the platform was genuine. The victim kept playing from Feb 2024 until April 17, 2026, during which he transferred money in 1,187 transactions on different dates.“I have lost over 1.21 crore due to online bets and games on the funnexchange.com. During the same period, I received a little over 19.3 lakh and it was only given to lure me to invest more,” the victim claimed in the complaint.As the wins became bleak, he looked at his overall money transactions during the past two years on the site and realised about the fraud. “I have been cheated through the online gaming platform. Please register a case and initiate appropriate legal action,” the victim told police.On his complaint, Hyderabad Cyber Crime police registered a case under Sections 66C and 66D of the Information Technology Act, Sections 318(4) (Cheating) and 319(2) (Cheating by personation) of the Bharatiya Nyaya Sanhita (BNS), and provisions of the Online Gaming Act, 2025.
