Cyber fraudsters continue to trap innocent people using fake investment schemes. In a shocking incident, a 59-year-old resident of Secunderabad lost ₹72 lakh after falling for an online stock trading scam.
Facebook Ad Lures Victim
According to police, the victim noticed an advertisement on Facebook promising high returns through stock trading and IPO investments. After contacting the number mentioned, fraudsters introduced themselves as marketing managers of a reputed trading firm.
Soon after, they added him to a WhatsApp group. There, they shared daily stock tips, IPO advice, and market analysis. As a result, the victim began to trust them.
Fake Profits Build Confidence
Initially, the scammers asked him to invest small amounts. They showed fake profits on trading dashboards. Moreover, they even allowed him to withdraw small sums. This tactic increased his confidence.
Later, the fraudsters added him to a so-called “prime trading group.” They collected his KYC details and claimed they would allot special IPOs with guaranteed returns.
₹72 Lakh Drained in Installments
Gradually, the scammers pressured him to invest more money. They cited reasons such as increasing credit scores, VIP membership fees, and commission charges. Meanwhile, the fake app continued to show huge profits.
In this way, the victim transferred ₹72 lakh in multiple installments. However, once the payments stopped, the fraudsters removed him from the WhatsApp groups and stopped responding.
Police Investigation Underway
Realizing the fraud, the victim approached the cybercrime police and filed a complaint. Police registered a case and launched an investigation. Officials warned the public not to trust online ads promising high profits or guaranteed IPO allotments.
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