Hyderabad: Techie loses Rs 53.73 lakh in online investment fraud

A software employee from Vanasthalipuram lost nearly Rs 53.73 lakh in an online investment fraud after responding to a fake stock brokerage advertisement. Fraudsters showed fake profits and displayed Rs 2.4 crore in his account before blocking withdrawal attempts.

Hyderabad: A software employee lost nearly Rs 53.73 lakh in an online investment fraud after being lured by a fake stock brokerage advertisement on a popular social media platform.

According to police officials, the victim from Vanasthalipuram recently came across an advertisement promising high returns through stock market investments. After contacting the brokerage, the fraudsters added him to a WhatsApp group and persuaded him to invest in various stocks, claiming he could earn substantial profits.

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“Initially, he invested Rs 50,000 and the fraudsters showed fake profits and even allowed him to withdraw a small amount, gaining his trust. Encouraged by the apparent returns, he eventually invested a total of Rs 53.73 lakh,” officials said.

The fraudsters later displayed a fake profit of Rs 2.4 crore in his account. However, when the victim attempted to withdraw Rs 1 crore, the transaction failed repeatedly.

Malkajgiri Cybercrime police are investigating the case.