Cyber fraudsters cheat two Hyderabad residents of Rs 1.58 crore in stock market scams

Two Hyderabad residents were allegedly cheated of more than Rs 1.58 crore in separate cyber fraud cases involving fake stock market trading and investment schemes. The fraudsters promised huge returns, showed fake profits and demanded additional payments to allow withdrawals.

Hyderabad: Cyber fraudsters allegedly cheated two people of more than Rs 1.58 crore in separate instances by luring them with promises of huge profits through stock market trading and investments.

In the first case, a woman from Saidabad came across a trading and investment advertisement on Facebook in May. The advertisement carried the name of Union Finance Minister Nirmala Sitharaman, leading her to believe it was genuine. After clicking the link, unidentified persons contacted her, collected her identity documents and added her to a Telegram group.

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Initially, the fraudsters showed profits on small investments, prompting her to invest more. She eventually deposited Rs 71.84 lakh in multiple instalments. Her account was then shown to have generated profits of Rs 9.85 crore. When she attempted to withdraw the amount, the fraudsters demanded additional payments. Realising she had been duped, she approached the cybercrime police.

In another case, a youth from Sultan Shahi came across a Telegram advertisement promising huge returns from stock market investments. He contacted the number provided and was introduced to a person named Aravind, who assured him of high profits.

Waseem subsequently invested Rs 86.50 lakh in multiple instalments. When he tried to withdraw his money, the fraudsters allegedly pressured him to make further payments. Suspecting fraud, he approached the cybercrime police and lodged a complaint.

The Hyderabad Cybercrime police are investigating both cases and efforts are on to trace the persons behind the fraudulent trading schemes.