HYDERABAD: A 56-year-old software employee from Ramanthapur lost Rs 2.92 crore after investing the money in a fake trading platform.
The victim told the police in his complaint that a few months ago he was added to a WhatsApp group named “Riding the Wind Club Discussion Group”, purportedly managed by several persons including one Anika Sharma and others. The group shared stock tips, IPO offers, OTC trades and fake profit screenshots showing high returns, which gained his trust. He was induced to invest through fraudulent trading platforms.
Initially, he invested small amounts and was shown fake profits in various stocks and IPOs, creating confidence. Later, he was persuaded to join “VIP trading” programmes offering IPO allocations, high returns and interest-free credit facilities.
When he attempted to withdraw funds, the fraudsters blocked withdrawals and falsely claimed that the funds were locked in IPOs or subject to loan repayment conditions.