HYDERABAD: A 55-year-old government employee from Sanathnagar lost Rs 2.22 crore after investing in a fraudulent online trading platform.
According to his complaint to the Hyderabad cyber crime police, he came across a Facebook advertisement on March 30 purportedly promoting IIFL Capital Services and Direct Market Access (DMA) trading. He registered by providing his mobile number and email address.
After submitting his details, he was added to a WhatsApp group where the administrator and other members claimed to represent IIFL Capital Services and encouraged him to participate in DMA trading.
As he was using an Apple device, he was provided with a link to install an application. He downloaded the app through the link and completed the registration process.
The victim initially invested `25,000 and later invested larger amounts in various stocks through the platform. He was allowed to withdraw a small amount at first, which convinced him that the platform was genuine.
When he later sought to withdraw his funds, he was directed to contact a so-called IIFL DMA service manager. He was informed that he had to pay a brokerage fee equivalent to 15% of his profits. Believing the demand to be genuine, he paid the amount.
Subsequently, he was asked to pay tax charges. When he requested that the taxes be deducted from his profits, the request was declined. He paid the amount but was repeatedly asked to make further payments under various tax-related pretexts. Realising that he had been cheated, the victim approached the police. A case has been registered.
Lured by Facebook ad
The victim came across a Facebook advertisement on March 30 promoting capital services and direct market access trading. He registered by providing his details and added to a WhatsApp group.
