Hyderabad: Cybercriminals impersonating the popular Zerodha trading app defrauded businessman Guntha Rajesh Kumar of 64 lakh. On Saturday, the cybercrime police station registered a case based on the victim’s complaint, after he was targeted through a deceptive social media ad and fraudulent WhatsApp interactions.
In his complaint, the 37-year-old businessman from New Bowenpally in Secunderabad, stated that he came across the fake app, initially called ‘Zeradha App’ and later renamed ‘Zd Trade Pro,’ through a Facebook advertisement in Sept 2024.Posing as representatives of a trading group, the fraudsters created WhatsApp groups to lure victims into investing, promising substantial returns. Initially, the victim made small investments, which appeared to grow rapidly, encouraging him to eventually invest a total of 40 lakh.
The scam unravelled when the victim attempted to withdraw 2.9 crore, which the app falsely displayed as his earnings. The fraudsters demanded exorbitant service charges, amounting to 20% of the funds. After paying 24.3 lakh in additional charges, the victim still couldn’t access his money. Realising he had been scammed, he filed a complaint with Hyderabad cybercrime police.
The criminals used multiple bank accounts and digital platforms to divert the funds. The police have filed a case under Sections 66(C) and 66(D) of the IT Act, as well as relevant IPC provisions. Inspector K Madhusudhan Rao is heading the investigation, with authorities working to track down the fraudulent accounts and arrest culprits.
Zerodha, the legitimate trading platform, had previously warned users about fake apps exploiting its brand name to defraud individuals. Police have urged the public to exercise caution and verify the legitimacy of online trading platforms.
This scam highlights the need for users to remain vigilant when engaging with online investment platforms, said police.
