Hyderabad: A 52-year-old man from Gandhi Nagar was cheated in an online stock transaction to pay Rs 43.41 lakh fraud. He seduced him through WhatsApp investment team and a fake mobile app. Hyderabad cybercrime police conducted a case against his complaint and investigated it.
The victim, a private sector employee, said in the complaint that he was joined a group in February. It has over 120 members, and it seems real, and he falls into a trap.
Trading tips and profit screenshots are often shared. After a few days in the surveillance team, he was encouraged to download a trading app. He then started trading in small quantities and was able to withdraw profits three times. He eventually increased his investment.
The group administrator then offers an opportunity to invest in an upcoming corporate IPO that is expected to earn up to 300% returns. Someone told him that the more he invests, the higher the chance of allocation. He believed in these claims and invested 43.41 million. The victim even raised personal loans, liquidated fixed deposits, and secured his wife’s gold.
In one of the investments, the app showed a profit of Rs 13 crore. When he tried to withdraw the payment, he was told that his account needs to be reviewed and the withdrawal was cancelled until the tax was paid. The fraudster stopped responding when he asked a question.
