HYDERABAD: A 27-year-old resident of Kanchanbagh lost Rs 17.94 lakh after fraudsters posing as representatives of Fyers Securities lured him into investing through a fake online trading platform named FYERS-DMA.
The victim was contacted on WhatsApp and convinced to trade through the platform, which initially appeared genuine and even allowed two withdrawals totalling `3.6 lakh to gain his trust. He eventually transferred Rs 17.94 lakh into multiple accounts provided by the fraudsters. When he attempted to withdraw his funds, the platform blocked access and stopped responding. The fraudsters further tried to extort him by showing fake profits and demanding repayment of a fabricated Rs 15 lakh ‘loan’.
After checking with the official Fyers team, the victim learnt that the platform and services were fake and filed a complaint. Cybercrime police have registered a case and launched an investigation.
Police urged citizens to remain cautious of fake trading apps and WhatsApp groups impersonating SEBI-registered brokers.