Hyderabad insurance agent loses 72 lakh in WhatsApp stock trading scam

An insurance agent lost 72 lakh after being duped by a fake WhatsApp stock trading group promising high returns. The victim kept investing until demands for more money arose. Police have launched an investigation.

Hyderabad: A 40-year-old insurance agent from Uppal fell prey to cyber fraudsters and lost Rs 72 lakh after joining a fake stock trading group on WhatsApp promising high returns.
According to the police, the victim was added to a WhatsApp group named “Stocks VIP Exchange Group E8”, where members promoted what was described as ‘lucrative stock investment’ opportunities.

Convinced by their claims, he joined the group and interacted with its admins, identified as Karim Varma and Kristen, who claimed to represent Russell Investments. Initially, the victim invested Rs 50,000 and was shown small profits on a fake trading dashboard.

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Attracted by the returns, he continued investing in phases, totaling Rs 72,03,133. However, when he tried to withdraw his profits, the fraudsters demanded additional payments in the name of taxes and commissions.

Realizing he had been duped, the victim filed a complaint with the Rachakonda Cybercrime Police, who have registered a case and took up investigation.