Hyderabad: Man duped of Rs 6.32 lakh online trading scam

A Hyderabad man lost Rs 6.32 lakh after being tricked by fraudsters on Facebook and WhatsApp who promised profits from US Gold Stock trading. Police have registered a case and warned people against trusting unknown investment offers and fake apps

Hyderabad: A Hyderabad resident was duped of Rs 6.32 lakh by fraudsters who lured him by assuring huge profits in online trading.

The victim, a resident of Himayatnagar in the city, had received a message on Facebook and WhatsApp from an unknown person. The conman convinced the victim to invest in ‘US Gold Stocks’.

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The victim believed the agent, who identified herself as Amrutha Reddy, made transactions of Rs 6.32 lakh through online money transfer channels. “The fraudsters demanded more money towards taxes and withdrawal charges, and even threatened legal action. The victim was asked to pay an additional Rs 8 lakh, but he did not oblige,” said the Hyderabad cybercrime police.

The victim approached the police, who registered a case and started an investigation.

The police advised the people to be cautious and not to believe or entertain unknown persons who promise high profits on investments in different schemes. The police also asked them not to download trading applications or websites shared by unknown persons.