HYDERABAD: A 52-year-old software engineer from Gachibowli lost `1.21 crore in a stock trading fraud after investing between August 13 and September 11.
The victim was first added to a WhatsApp group that shared stock market suggestions. He was actively engaged in discussions on stock tips, technical chart patterns, QIB trading in pre-market NSE and NASDAQ hours, and IPO investments through what was presented as an AEGIS-CAP trading account.
He registered an account on a website and began applications for stocks and block trade IPOs, starting with an initial payment of Rs 50,000 on September 13. Over the following weeks, he transferred further amounts totalling Rs 1,21,22,000.
Fake shares in large quantities were shown as allotted, and he was persuaded to continue adding funds. When he attempted to withdraw a partial amount, he was told he must first pay tax on profits. Even after this, all withdrawal attempts were denied, exposing the operation as fraudulent.
He later realised that the trading platform, purportedly led by individuals named Tarak Sharma and Patrik Martin, was a scam designed to cheat investors. Believing it to be genuine, he invested the entire amount through multiple bank accounts.
Following his complaint, the Cyberabad Cyber Crimes police registered a case and launched an investigation.