Cyber fraudsters lure investors using fake financial firm names in Hyderabad

Cyber criminals in Hyderabad are duping investors by posing as reputed financial firms on social media, directing them to fake WhatsApp groups and third-party bank accounts. Authorities advise verifying schemes directly with companies and exercising caution before transferring funds.

Hyderabad: Cyber fraudsters are luring people into online investments using the names of reputed financial firms and duping them.

The cyber crime police who regularly study the modus operandi of the cyber fraudsters noticed the scammers are targeting people using the names of reputed financial firms. Advertisements using names of reputed companies are posted on social media platforms to induce people make huge investments.

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Officials said cyber criminals post advertisements on social media platforms about various investment options in reputed financial firms. “On clicking the link on the advertisements, the person is directed to a WhatsApp group named after the reputed company. The unsuspecting investor is then tempted to invest in different schemes and directed to transfer money to various bank accounts,” said the official.

On lines of other investment scams, the fraudsters allow withdrawal of small amounts from the accounts to gain trust of victims. “After big amounts are transferred into the accounts provided by the fraudsters, the access to withdraw funds is locked and the victims are coerced into paying large sums to unlock the funds,” said the official.

The scam came to light recently following which an advisory was issued to all the states asking them to alert the citizens about the latest modus-operandi.

The officials said people should be careful while transferring funds to any bank accounts and verify with the companies about the investment schemes. “The scammers direct people to transfer money to third-party bank accounts, unrelated to the companies. This should alert the people at-least,” said the official.

Many usually do not verify advertisements which come in the name of reputed financial institutions and fall prey to the scammers.