Hyderabad techie loses Rs 37 lakh in fake SEBI analyst investment scam

A software engineer from Hyderabad's Gowlidoddi allegedly lost more than Rs 37 lakh after fraudsters posing as SEBI-authorised stock market analysts promised guaranteed returns. Cyberabad Cybercrime Police have registered a case and launched an investigation into the suspected investment fraud.

Hyderabad: A software engineer from Gowlidoddi lost more than Rs 37 lakh after fraudsters allegedly posing as SEBI recognised stock market analysts lured him into making investments with the promise of guaranteed returns.

According to the police, the complainant, has been investing in the stock market since 2022. In February this year, he received calls from two individuals identifying themselves as Bilal and Mayank. They claimed to be SEBI-authorised market analysts and assured him that investments made based on their recommendations would yield 100 per cent profits.

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Trusting their claims, he invested over Rs 37 lakh in stocks as advised by the duo. However, the investments resulted in heavy losses, wiping out his entire investment.

When he confronted the callers, they allegedly denied responsibility, stating that they could not be held accountable for losses incurred in the stock market.

Suspecting that he had been cheated by fraudsters operating under the guise of SEBI-recognised advisory firms, he lodged a complaint with the Cyberabad Cybercrime Police, who are investigating the alleged investment fraud.