Hyderabad police constable loses Rs 29.20 lakh in fake trading app fraud

A Hyderabad police constable allegedly lost Rs 29.20 lakh after cyber fraudsters befriended him on social media and lured him into a fake trading platform. The fraudsters displayed fictitious profits before demanding additional payments for withdrawals.

Hyderabad: A police constable was allegedly cheated to the tune of Rs 29.20 lakh by cyber fraudsters who befriended him through Facebook and WhatsApp and lured him into investing through a fake trading platform.
According to information available, the fraudster, allegedly posing as woman persuaded him to invest in upper-circuit trading, promising high returns and zero commission. The fake app displayed profits of Rs 76 lakh to gain his confidence.

However, when he tried to withdraw the amount, the fraudsters demanded additional money towards taxes and exchange charges.
Realising the fraud, the constable approached Gachibowli Police, who registered a case and are investigating investigation.

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Police are probing two mobile numbers allegedly used by the fraudsters.