Hyderabad man loses Rs 27 lakh in fake online trading scam

A 38-year-old Asifnagar man lost Rs 27 lakh to a fake online trading app and WhatsApp group fraud. Cybercrime officials registered a case and urged the public to verify platforms, avoid guaranteed-return schemes, and report suspicious activity.

Hyderabad: A 38-year-old resident of Asifnagar was cheated to the tune of Rs 27 lakh in an online trading fraud, which was allegedly operated through a fake mobile application and a WhatsApp group.

Cybercrime officials said the victim was first attracted by a trading advertisement on Facebook and later added to a WhatsApp group where fraudsters posed as investment advisors, assuring high returns.

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The scammers asked him to download a trading app and make an initial investment, which was followed by repeated payments totaling Rs 27.05 lakh.

“The app showed inflated profits of over Rs 81 lakh, but when the victim tried to withdraw the amount, the fraudsters blocked the transaction and demanded an additional Rs 50 lakh. Suspecting fraud, the victim approached the police,” said an official.

Cybercrime officials have registered a case and issued a public advisory urging people to verify trading platforms, avoid schemes promising guaranteed returns, and report suspicious activities to the cybercrime helpline 1930 or the official portal.