Techie Loses Rs 77 Lakh to Online Trading Scam

Hyderabad:A 48-year-old software worker from Pragathinagar was allegedly duped of more than Rs 77 lakh between February 15 and April 13 in a cyber scam involving a WhatsApp-based trading and investment scheme. Citing the complaint of the victim, Cyberabad cyber crime police said that the victim came across online trading content promising high returns. After responding, the victim was directed to join a WhatsApp group.

Posing as representatives of a well-known securities firm, the fraudsters used branding and regulatory details to gain his trust. He was shown screenshots of fake profits and repeatedly persuaded to transfer funds under various pretexts, including business investments, large channel fees, and transaction or tax certificates.

Despite making multiple payments, the victim was constantly pressured to deposit more money and assured that their refund would only be released once outstanding payments were completed. Scammers also used multiple identities to create credibility, such as people posing as investors or even a so-called police officer. To further mislead him, they shared unverifiable transaction details and documents.

Fake Stocks: Man Duped of Rs 49.85 L

Hyderabad:A 35-year-old resident of KPHB fell victim to a sophisticated online investment scam and lost Rs 49.85 lakh after being duped by a social media advertisement promising lucrative stock market returns, he informed the Cyberabad cybercrime police.

According to the complaint, the victim clicked on an online ad about stock market investing, which directed him to join a discussion group that appeared to be a professional trading and educational forum. Claiming to be market experts, group members shared stock tips, trading strategies and screenshots of high profits to establish credibility.

The victim was persuaded to deposit money through links and platforms provided by the scammers. Initially, small returns or fabricated profit updates appeared to win his trust. The defendant then encouraged larger investments by citing special deals and time-sensitive trades.

Scammers used tactics such as peer pressure on the victim within the group and guaranteeing ongoing profits to keep the victim interested. They also imposed additional fees under various excuses such as premium membership, transaction fees, and withdrawal processing fees.

When the victim attempted to withdraw their winnings, they were asked to deposit more money to “unlock” the funds or clear pending charges. Despite repeated payments, no refunds were made and communication with the group gradually ceased.