HYDERABAD: A 61-year-old retired government employee from the city was duped of Rs 6.80 crore after investing in a fake trading platform over a period of one month.
According to the complaint, the victim was added to a WhatsApp group related to stock trading investments of India and the USA, by an person claiming to be Karim Varma.
That person referred him to an investment-related website. Later, a representative of the platform, purportedly named Kristin, gave a demonstration of how the platform works and convinced him that the company would handle all the analysis.
Initially, on August 11, he invested Rs 50,000. Following this, his trading account showed a profit of approximately 30%. The victim told the police that under persuasion that he needed to invest substantial amount, he eventually invested a total of Rs 6.80 crore, and during this period, the account showed a profit of approximately Rs 14.78 crore.
On September 12, when he attempted to withdraw Rs 1.50 crore, Kristin informed him that he would need to pay capital gains tax (15%) of Rs 2,21,71,000. These conditions raised his suspicions, and after realising he had been cheated by fraudsters, he lodged a complaint with the TGCSB.
A case has been registered and further investigation is underway.