Hyderabad: Senior citizen loses Rs 57 lakh to online trading fraud

A 60-year-old man from Jubilee Hills, Hyderabad, was cheated of over Rs 57 lakh by cyber fraudsters posing as investment advisors. The scam was carried out via a fake online trading platform discovered through an Instagram advertisement. A complaint was filed.

Hyderabad: Cyber fraudsters duped a senior citizen from the city of over Rs 57 lakh in the guise of an online investment.

The 60-year-old resident of Jubilee Hills fell victim to a financial scam involving a fraudulent online trading platform named “FX Road,” which he discovered through an Instagram advertisement. After clicking on the advertisement, he was contacted by individuals posing as representatives of the platform.

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Cybercrime officials said the scammers guided him to register, digitally sign documents, and invest money through credit card transactions and bank transfers. They falsely claimed that his funds were being used for trading in commodities like crude oil, precious metals, company stocks such as Tesla, and crypto-currencies.

“The platform initially displayed fake profits to build trust. As markets supposedly turned volatile, the fraudsters manipulated the victim into repeatedly depositing more funds to maintain margin levels,” officials said.

In total, the victim was defrauded of Rs 57.4 lakh. After realising the fraud, the victim reported the matter to the national cybercrime helpline – 1930.