HYDERABAD: A 32-year-old private employee from LB Nagar lost Rs 1.71 crore after investing on a fake investment platform. In November, the victim was added to a WhatsApp group that promised stock market tips. Members of the group suggested a trading application, claiming it would generate high profits.
Group members discussed trades and shared screenshots showing significant returns. Encouraged by these claims, the victim began trading through a link suggested by one of the members and started investing money on the platform.
“They advised me to sign up for institutional stock investments and IPOs. The app consistently displayed my transactions and profit margins. Initially, I purchased block trades (buying and selling stocks), and the profits were reflected on the trading platform,” the victim said.
He invested `1,72,65,000 and was allocated around `1,27,450 shares. After selling these shares, the application showed a profit of `20.49 crore. “However, before I could withdraw this amount, they demanded a tax payment of `2.81 crore,” he added.
When the group continued to insist on further payments before allowing withdrawals, the victim realised it was a fraud and reported the matter to police. Based on the complaint, the Malkajgiri cybercrime police registered a case and launched an investigation.
Youth loses Rs 2.6 lakh to sextortion
A 29-year-old man lost Rs 2.6 lakh after falling prey to a sextortion scam. The victim said that on January 2, he received a video call from a woman who identified herself as Shreya. During the call, she allegedly appeared nude, following which he disconnected the call.
Later, he received another call, during which the caller shared an edited video of the previous call and threatened to upload it on social media unless money was paid.
The victim transferred Rs 2.6 lakh. However, the threats continued, with the callers demanding more money and allegedly harassing his family members. Unable to bear the continued threats, the victim approached the police. A case has been registered