Stock market scam: Chartered Accountant duped of Rs 43L in Hyderabad

The victim, Nageshwar Rao, was approached by one Dheeraj over the phone who introduced himself as a stock trader

By   |  Published: 10th Jun 2021  11:09 pm

Hyderabad: A chartered accountant from Begumpet was duped of Rs 43 lakh by cybercrooks on the pretext of online share trading.

The victim, Nageshwar Rao, was approached by one Dheeraj over the phone who introduced himself as a stock trader. He was initially asked to invest Rs 7 lakh. “Rao transferred the money to the fraudster, who after a week told him he got a profit of Rs 21.77 lakh on the investment. To win his trust, the conman even sent him Rs 2.77 lakh,” said KVM Prasad, ACP Cybercrime (Hyderabad).

A few days later, the conmen lured him into investing more money saying the stock market was down and he could get higher profits on his investment.

“Believing them, Rao transferred Rs 43 lakh to the account provided by Dheeraj. On not getting any response from them after transferring money, he approached the police,” he added. A case was booked.


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