IT Staffer Loses Rs 2.14 Cr To Online Stocks Scam
Police, citing from his complaint, said that the woman allegedly claimed that she was earning profits through stock trading and persuaded him to participate.
Hyderabad:A 44-year-old software employee from TNGO Colony allegedly lost Rs 2.14 crore in an online stock trading fraud, lured by a woman he met on social media in December last year. Police, citing from his complaint, said that the woman allegedly claimed that she was earning profits through stock trading and persuaded him to participate.
The complainant said that he was asked to download a trading application and register an account. On December 12, he allegedly made an initial investment of Rs 31.5 lakh, after which the application displayed profits. Encouraged by this, he transferred another Rs 42.27 lakh in multiple subsequent transactions.
When he attempted to withdraw the amount, he was told to pay 30 per cent tax on the profits, purportedly to a foreign authority. Believing the profits shown on the app to be genuine, the complainant borrowed money from colleagues and family members and sold some assets to make the payments.
In all, he claimed to have transferred Rs 2.14 crore in eight installments. When he again attempted to withdraw funds, he was asked to pay an additional Rs 68 lakh. That is when he suspected that he was trapped in a fraud. The complainant said that a reverse image search later revealed that the woman’s photograph used in the profile had been taken from an Instagram account.