Elderly man from Hyderabad loses Rs 33.39 lakh in online trading scam

An elderly Hyderabad resident allegedly lost Rs 33.39 lakh after responding to an Instagram advertisement promising profits from online trading. A woman claiming to represent a trading firm allegedly persuaded him to invest. Cybercrime police have registered a case and are investigating.

Hyderabad: An elderly man from the city allegedly lost Rs 33.39 lakh after falling victim to an online trading scam promoted through Instagram.

According to the complainant, who lives near Adarsh Nagar, he recently came across an Instagram advertisement claiming that investors could earn substantial profits by trading in shares, gold, silver, crude oil and foreign currencies.

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After clicking on the link and submitting his details, he received a call from a woman identified as Monisha, who introduced herself as a representative of a trading firm. She allegedly persuaded him to open a trading account and invest money, promising attractive returns through Quantum AI technology.

Initially, he was advised to deposit around 200 US dollars. Trusting the promises, he subsequently invested a total of Rs 33.39 lakh in multiple instalments, according to the complaint.

Based on the complaint, Hyderabad Cybercrime police registered a case and are investigating.