Police warn against online trading frauds
The Hyderabad police issued a public advisory warning citizens about a sharp rise in online trading and investment frauds. Cybercrime officials said scammers lure victims through social media and messaging platforms with promises of high returns and use fake apps to cheat them.
Hyderabad: The city police have issued a public advisory cautioning citizens against a sharp rise in online trading and investment frauds reported across the city.
According to the Cybercrime Wing, fraudsters were targeting victims through social media platforms, Telegram channels and WhatsApp groups by promising high or guaranteed returns in cryptocurrency, forex and stock trading.
Police said scammers usually pose as investment advisors and gradually gain the trust of victims before persuading them to invest small amounts. Fake trading websites, mobile apps and dashboards are then used to display false profits, encouraging victims to invest more money.
“When withdrawals are attempted, fraudsters demand additional payments in the name of taxes, processing fees, compliance charges or currency conversion costs. Despite repeated payments, victims are never allowed to withdraw funds,” officials said.
Officials said that in several cases, victims were threatened with legal action or warned that their wallets would be frozen if they refused to pay further amounts. The fraud often continues over a long period, resulting in significant financial losses before victims realise they have been cheated.
Victims and those suspecting online investment frauds can report the matter by calling the National Cybercrime Helpline 1930 or by lodging a complaint on cybercrime.gov.in.
