Kanchanbagh man loses Rs 14.3 lakh to fraudulent online trading platform

A 27-year-old man from Kanchanbagh lost Rs 14.3 lakh after scammers posing as Fyers Securities agents tricked him into investing in a fake trading platform. They initially allowed small withdrawals to gain trust before blocking access and showing fake profits

Hyderabad: A 27-year-old resident of Kanchanbagh was duped to the tune of Rs 14.3 lakh by cyber fraudsters who lured him into investing in a fake online trading platform.

The scammers had impersonated representatives of Fyers Securities and contacted the victim through WhatsApp, promising high returns through a premium trading service.

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According to the Cybercrime police, the fraudsters initially gained the victim’s trust by allowing two small withdrawals amounting to Rs 3.6 lakh, making the platform appear genuine. Believing them, by the apparent profits, the victim invested a huge amount into the trading platform.

However, when he attempted to withdraw his funds, the platform abruptly stopped responding and blocked all requests. The scammers also displayed fake profits and falsely claimed the victim had taken a Rs 15 lakh ‘loan’, demanding repayment before releasing his funds.

Suspicious, the victim filed a complaint with the Cybercrime Police.

Public Advisory

• *Fraudsters often allow small profit withdrawals initially to build trust
• *Genuine trading platforms never ask users to transfer funds to personal bank accounts
• *Fake websites and apps may show manipulated profits and demand bogus loan repayments
• *Verify trading platforms through official websites, verified customer care and SEBI registration
• *Avoid responding to unsolicited WhatsApp messages promising high returns
• *Never share banking details, OTPs, or make payments without proper verification
• *Victims of cyber fraud report incidents immediately to 1930 or www.cybercrime.gov.in
• *For emergencies, citizens may also contact: 8712665171