Hyderabad man duped of over Rs 5 lakh in stock market fraud

A 28 years-old man from Hyderabad was duped of over Rs. 5 lakhs by fraudsters who assured him of huge profits on investments in stock market.

Hyderabad: A man from the city was duped of over Rs. 5 lakhs by fraudsters who assured him of huge profits on investments in stock market.

The man aged 28 years-old got a message on Instagram about the business and believing the sender, he had joined a WhatsApp group ‘Up Stock Investment Club’.

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“The group purportedly offered daily trading tips and stock recommendations. Initially, they shared Demat account stocks and institutional stocks for trading. Over a period of a month, the victim invested around Rs 5 lakh based on their recommendations and lost the money,” said the Cybercrime officials.

Explaining the modus operandi, the officials said the scammers encouraged the victim to install an app ‘Block Uppro’, and register using Aadhaar details. The victim was then told that they would take a commission of 20 per cent over the profits. Initially, the victim got profits and withdrew the money through the ‘Block Uppro” app.

“After a few days, the victim noticed his balance was Rs. 8.47 lakh and wanted to withdraw it. The scammers, however, asked the victim to send 20 per cent of the amount to a separate account and then only he could withdraw the amount from his account,” said the officials.

The man did not transfer any money and instead approached the police who registered a case. Investigation is going on.

Fraudster duping people assuring huge profits in gold trade arrested

A man duped hundreds of persons on the pretext of providing huge profits on investment in the gold business.

According to the victims, Rajesh, who is managing director of Prahaneshwari Traders located at Habsiguda had lured the people assuring huge profits in gold trade. Believing him, a few hundred people invested between Rs. 5 lakh and Rs. 50 lakhs in the business.

“Rajesh gave some amount as profits to the investors initially. Later he closed down the office and went into hiding,” said an official of the Detective Department where a case is registered against him.

Rajesh was taken into custody on Sunday. On coming to know about it the investors gathered at the Detective Department and staged a demonstration demanding the police initiate tough action against Rakesh.