Hyderabad: Cyber fraudsters are increasingly targeting unsuspecting investors with fake forex trading and jewellery investment apps, promising high returns. Two cases recently filed with the Cyberabad cyber crime police highlight the growing risk posed by such fraudulent platforms, particularly “Bull Forex” and “Wwake Jewellery Investment” apps.
In the first case, Sudheer Kumar, a 51-year-old resident of Old Alwal, reported having invested 1.5 lakh in the Bull Forex app, promoted by a broker named Vipin Kumar. After making the investment, Kumar saw a balance on the app, but when he attempted to withdraw funds, he was told that he needed to pay extra 1 lakh for tax purposes.
When Kumar declined, the broker turned off his phone, leaving him unable to access his funds or the app. A case was registered through the National cyber crime reporting portal, and police are currently investigating.
In a separate incident on October 28, 2024, Dheeraj Yadav from Quthbullapur filed a complaint regarding Wwake jewellery investment app. Yadav reported that he downloaded the app in early March and had initially invested 8,700 via PhonePe, linked to his SBI account. For two days, he received small payments of 520.60, but was promised daily returns of 548 over a 50-day period. Eventually, payments stopped reflecting in the app, resulting in a total loss of 98,354.
RBI cautions investors
These cases come amid increasing warnings from the Reserve Bank of India (RBI), which recently updated its alert list of unauthorized forex trading platforms. The RBI cautioned investors to be wary of these fraudulent apps and to verifying platforms before investing.
Police are investigating both cases and have urged citizens to remain vigilant and avoid installing high-risk, unregulated apps. The RBI has added several entities, platforms, and websites to its alert list of unauthorized forex trading platforms.
