Hyderabad Businessman Loses ₹54 Lakh To Online Trade Fraud

The complaint, filed on October 28, stated that the victim, a resident of Gachibowli, came across a Facebook ad promoting stock trading and was duped by promises of high returns. The ad claimed to offer expert guidance through a trading coach named “Prof Aditi Sharma”.

After registering on the website www.ubsin.netHe was contacted by a woman who identified herself as “Marry”, a “group analyst” at UBS Corporate Accounts. He instructed him to download the “UBSIN” trading app. https://www.ubsin.in.net and guided him through creating an account.

Believing that the platform was genuine, he first transferred ₹50,000 from his bank account to a beneficiary named Janaki Pradhan through his Nayagarh branch account. Over the next few weeks, he made numerous deposits totaling ₹ 53.99 lakh into various accounts provided by the accused.

According to the police, the fraudsters showed huge “virtual profits” by displaying ₹ 90.72 lakh in the complainant’s wallet to gain more trust. They then alleged that he was allotted 6,000 shares worth ₹27 lakh in a bank’s IPO and demanded an additional ₹5 lakh as commission to release his profits.

When he tried to withdraw the money, his withdrawal options were disabled and the relevant WhatsApp group was disabled. Realizing that he was cheated, the victim approached the Cyberabad Cyber ​​Crime police. The police registered a case and launched an investigation to trace the suspects and recover the lost amount.