Man Loses ₹84.81 Lakh In Fake Trading App Scam
Hyderabad: A 44-year-old private worker from Petbasheerabad was allegedly duped of Rs 84.81 lakh by fraudsters through a fake online trading platform promising high returns.
According to police, the victim came across a social media ad and joined a group claiming to be associated with ‘5 Paisa Capital Limited’. People posing as investment advisors and customer support managers contacted him and directed him to download a trading app.
The defendant allegedly persuaded him to invest in stock trading activities, including block trades, upstream shares and IPO shares, guaranteeing profits and zero commissions. He initially transferred Rs 10,000 and later deposited larger sums into multiple bank accounts provided by the accused.
Police said the victim was shown virtual profits and fake IPO shares and was added to a WhatsApp group where alleged members displayed fabricated profits.
The complainant stated that he was initially allowed to withdraw Rs 5.10 lakh, which boosted his confidence. But when he tried to withdraw a larger amount than shown on the application, he was asked to pay additional fees for brokerage and taxes.
On suspicion, he verified the details and realized that he had been duped and subsequently approached the cybercrime authorities.
Cyberabad Cyber Crime police registered a case and said investigation is ongoing into the bank accounts and phone numbers used in the scam.
