Cyber crooks dupe man of Rs 72 lakh via IPO scam in Hyderabad

A Secunderabad man was allegedly cheated of Rs 72 lakh by cyber fraudsters posing as stock trading and IPO advisors. Lured through a Facebook advertisement and WhatsApp group, he invested money before being denied withdrawal

Hyderabad: A man from Secunderabad has filed a complaint with the Hyderabad Cybercrime Police after being allegedly cheated of Rs 72 lakh by cyber fraudsters in the name of stock trading and IPO allotments.

According to the complaint, the victim noticed an online advertisement on Facebook in March that appeared to be from a reputed stock brokerage firm. After clicking the link, he was added to a WhatsApp group where members frequently discussed investment plans and shared screenshots of supposed profits. Believing the scheme to be genuine, the victim decided to invest.

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The fraudsters then guided him to open a prime trading account and assured him of IPO allocations and high returns. Initially, he was shown profits on the platform, which encouraged him to invest more money over time.

“In multiple transactions, the victim transferred a total of Rs 72 lakh. When he later tried to withdraw the amount, the fraudsters demanded additional payments citing commission charges and VIP membership fees,” the complainant told the police.

Realising that he had been cheated, the victim approached the cybercrime police. A case has been registered and further investigation is on.