Hyderabadis Lose Nearly Rs. 85 lakh in Investment Frauds

Hyderabad: A 33-year-old private employee claimed that fraudsters duped him out of Rs 71.11 lakh through a fake stock trading scheme after luring him into a Telegram group promising high returns.

The complainant said he joined the Telegram channel on December 25 after receiving a WhatsApp link linked to an MNC financial services firm’s alleged high-profit scheme.

Police said the accused shared information said to be stock tips, prepared a daily trading plan and created an in-house equity account using the victim’s Aadhaar details. The victim deposited funds for alleged OTC trading, IPOs, and DTC investments. Even though a balance of Rs.2.20 crore was shown on the accused portal, the victim was refused withdrawal and asked to pay additional charges. Police said the defendant’s phones were off when they contacted him.

Similarly, a 30-year-old businessman claimed that he was cheated of Rs 11.20 lakh by a woman he met on a dating app. Police said the accused, who identified himself as Geeta, gained the victim’s trust and convinced her to invest in an online trading scheme by promising profits. It was claimed that after the victim transferred the money, the defendant blocked her from all social media platforms.

In another case, a businessman from Goshamahal claimed that fraudsters duped him of Rs.4 lakh on the pretext of fake financial trading. Police said the victim came across a Facebook ad tied to a hardware business network in China and was later added to a WhatsApp group. He was asked to transfer money for the materials but received no response after making the payment, prompting him to contact the cybercrime police.