Hyderabad: Senior citizen loses Rs 1.68 crore to fake trading website scam

A 75-year-old man from Hyderabad lost Rs 1.68 crore to cyber fraudsters who duped him through a fake trading website promising high returns. After repeated transfers, he realised the scam when he was unable to withdraw his “profits"

Hyderabad: A septuagenarian lost Rs. 1.68 crores to cyber scammers who lured him into investing in fake trading website.

According to the police, the victim received an online message from the scammer who assured him of high profits on making investments into a trading company. Believing the fraudsters the victim aged 75 years initially transferred Rs. 54.80 lakh to the accounts provided by the fraudsters.

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“His account in the website showed a profit of Rs. 1, 38, 74,920 on his investment. When he attempted to withdraw it, the victim was unable to do it. He was then lured into making more payments towards various charges. After transferring Rs. 1, 68,59,511 the victim realized he was duped,” said an official of Hyderabad police.

On a complaint, the cybercrime police registered a case and started an investigation.

The Hyderabad Commissioner of Police, V C Sajjanar, asked the senior citizens to be alert. “Fraudsters are targeting you through social media, offering ‘help’ to recover old market losses. Please do not trust unknown financial advisors or investment links,” said the Hyderabad CP.