Techie Loses 77 Lakh in Hyd Trading Scam

A 48-year-old software employee residing in Pragathinagar, Hyderabad, fell prey to a cyber fraud, losing over Rs 77 lakh in an online trading scam between February 15 and April 13. The scam involved a WhatsApp-based trading and investment scheme, as reported by the Cyberabad cybercrime police. The victim initially encountered enticing online trading content promising high returns, which led her to join a WhatsApp group.

The fraudsters, posing as representatives of a reputed securities firm, utilized the firm's branding and regulatory details to establish credibility. They presented fabricated profit screenshots and coerced the victim into making multiple payments under various pretexts, including trading investments, large channel fees, and transaction or tax certificates. Despite the victim's compliance, she was continuously pressured to deposit more funds, with the promise of releasing her returns only after completing pending payments.

The fraudsters employed multiple identities, including individuals posing as fellow investors and even a purported police official, to enhance their credibility. They also provided unverifiable transaction details and documents to further deceive her. In a separate incident, a 35-year-old resident of KPHB in Hyderabad was also duped of Rs 49.85 lakh in a sophisticated online investment fraud.

He was lured through a social media advertisement promising lucrative stock market returns and was persuaded to invest money through links and platforms provided by the fraudsters. The accused employed various tactics, including sharing fabricated profit updates and imposing additional charges under different pretexts to deceive the victim. When the victim tried to withdraw his earnings, he was asked to deposit more money to “unlock” funds or clear pending charges, ultimately resulting in no returns being credited and a cessation of communication from the group.