Hyderabad: Housewife becomes victim of trading fraud of Rs 24 lakh

According to the police, the fraudsters instructed the victim to go through a simple registration process by sending her a link.

Hyderabad: A 29-year-old housewife from the city became a victim of a trading scam and ended up losing over Rs 24 lakh to fraudsters.

The woman joined a malicious group on WhatsApp with her husband’s mobile phone to learn about trading and earning money from the share market. Group members regularly posted messages and information about buying and selling shares. The scammers also provided live trading classes to the victim and her husband, with group members frequently posting about their profits, which increased the victim’s and her husband’s confidence in them.

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According to the police, the fraudsters instructed the victim to go through a simple registration process by sending her a link. She was instructed to send a screenshot after downloading the app, and they would guide her through the registration process.

“After completing the registration, the scammers guided the victim on how to invest in trading. Within a few days, the victim’s funds appeared to grow rapidly as the scammers regularly advised her and her husband on buying and selling shares,” police said.

However, when the victim attempted to withdraw money from the trading app, she was unable to do so due to insufficient balance. She contacted the scammers multiple times, explaining that she urgently needed the money.

Realising that she had been a victim of a stock and share market fraud, the victim lodged a complaint against the scammers and requested necessary action to be taken.

Case is under investigation.