Hyderabad: Nallakunta retiree loses Rs 29.5 lakh in online trading app scam

A 63-year-old retired man from Nallakunta lost Rs 29.5 lakh to a fake online trading app promoted via WhatsApp. Cybercrime Police are investigating the scam and urge the public to report cyber fraud through 1930 or cybercrime.gov.in.

Hyderabad: A 63-year-old retired employee from Nallakunta has lost about Rs 29.5 lakh after allegedly being lured into a fraudulent online trading scheme run through a fake app.

According to the police, the complainant was added in November to a WhatsApp group by a woman identifying herself as Divya Mehra. The alleged fraudster convinced him to share personal financial details and install a bogus trading app, claiming it enabled investments in shares, OTC trades, and IPOs.

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“Believing the promises of high returns shown on the manipulated app, the victim transferred large amounts from his and his wife’s bank accounts. When he resisted further deposits, including pressure to buy an IPO of a company, the scammers blocked his trading account, which falsely displayed a balance of Rs 64 lakh and demanded a Rs 5 lakh penalty to unlock withdrawals,” Cybercrime officials said.

Realising the fraud, the victim approached the Cybercrimes Police, who booked a case and are investigating.

They urged the public to report cyber frauds via the 1930 helpline or www.cybercrime.gov.in.