HYDERABAD: A 43-year-old city-based software employee lost `3.92 crore in a stock trading scam after being duped by a group posing as Choice Securities, a supposed stockbroking firm with its own trading platform and multiple bank accounts.
The victim told police that between April and May 2024, he initially invested small amounts before increasing deposits after seeing convincing returns, eventually transferring nearly Rs 2 crore. On April 24, the fraudsters returned Rs 87 lakh to his mother’s bank account to regain his trust, prompting him to invest further, reaching `4.79 crore in total.However, the `87 lakh was later flagged by the Delhi police in another case, and his mother’s account was blocked by the Gujarat Cyber Crime Department. The victim stressed his mother’s innocence.
Out of the total invested, he could only withdraw `87 lakh before realising it was a scam. He did not initially report the case, believing the funds were unrecoverable, but later approached police after learning of the account freeze.A case has been registered and further investigation is ongoing.