Hyderabad: Businessman duped of over Rs 1 crore in WhatsApp investment scam

A Kondapur businessman was allegedly cheated of around Rs 1.03 crore by a cyber fraudster posing as a US-based stockbroker. The suspect used a WhatsApp group and a fake trading app to lure the victim with promises of high returns.

Hyderabad: A cyber fraudster posing as a US-based stockbroker allegedly duped a businessman from Kondapur to the tune of Rs 1.03 crore through WhatsApp-based investment fraud.

The fraudster had contacted the businessman on November 23 last year, introducing himself as an American stockbroker. After gaining his trust through regular telephonic conversations, the fraudster added the victim to a WhatsApp group and claimed to provide expert tips on trading in the New York Stock Exchange and Indian stock markets, promising high returns.

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According to the police, to appear credible and gain the complainant’s trust, the suspect had shared fake screenshots showing profits earned by other group members. He was guided to download an application and complete the registration process. After the businessman made his initial investment, he was paid Rs 1.01 lakh as profit, further gaining his confidence.

Falling completely into the set trap, the businessman transferred money in intervals, amounting to a total of Rs 1.04 crore, for purchasing shares. Although the app displayed huge virtual profits, the fraudsters did not allow him to withdraw the amount. When recently questioned, they demanded an additional Rs 49.39 lakh, citing various reasons.

Suspecting foul play, the businessman approached the Cyberabad Cybercrime Police and lodged a complaint on Tuesday.

The case is being investigated.