Hyderabad:A 52-year-old man from Gandhinagar was tricked in an online stock trading fraud to pay scamsters Rs 43.41 lakh. He was lured through a WhatsApp investment group and a fake mobile app. The Hyderabad cybercrime police registered a case on his complaint and have launched an investigation.
The victim, a private sector employee, stated in his complaint that he was added to a group in February. It had over 120 members and appeared genuine, and he fell in the trap.
Trading tips and profit screenshots were frequently shared. After monitoring the group for a few days, he was encouraged to download a trading app. He then started trading with small amounts and was able to withdraw profits on three occasions. He eventually increased his investments.
The group administrators later presented an opportunity to invest in an upcoming IPO of a company, promising returns of up to 300 per cent. He was told that the more he invested, the higher his chances of allotment. He believed the claims and invested `43.41 lakh. The victim even raised personal loans, liquidated fixed deposits, and pledged his wife’s gold.
In one of the investments, the app showed a profit of `1.3 crore. When he attempted to withdraw the amount, he was informed that his account needed to be audited and withdrawals were blocked until he paid a tax amount. The fraudsters stopped responding when he raised questions.
