Miyapur woman loses Rs 80.97 lakh in WhatsApp stock trading scam

A private employee from Miyapur was cheated of Rs 80.97 lakh after being lured into a fake stock trading scheme run through a WhatsApp group. Cyberabad Cybercrime police have registered a case and launched an investigation.

Hyderabad: A private employee from Miyapur was cheated to the tune of Rs 80.97 lakh after falling prey to a fake stock trading scheme allegedly operated through WhatsApp.

The victim, a woman, was added to a WhatsApp group by unknown persons on January 10. In the group, a man claiming to be a professor had offered trading tips and promised to train members in stock market investments.

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Trusting the claims, she downloaded an app suggested by the group and began investing. After receiving returns on an initial deposit of Rs 1 lakh, she continued transferring money, eventually sending Rs 80.97 lakh.

The app displayed her funds growing to Rs 3.99 crore, but when she tried to withdraw the amount, she was unable to do so.

Realising that she was defrauded, the woman approached the Cyberabad Cybercrime officials and lodged a complaint.

Police are investigating.