Businessman Loses Rs 3.6 Cr in Fake Trading Scam
According to the complaint, the victim first invested Rs 12,000 on July 9 via internet banking.
Hyderabad: A 50-year-old businessman from Manikonda lost Rs 3.61 crore in a fake online trading scam after being lured through a WhatsApp group. He trusted the platform when he was allowed to withdraw Rs 4 lakh, but his subsequent investments cost him dearly. The victim has filed a complaint with the Telangana Cyber Security Bureau (TGCSB).
The ordeal began in the second week of July when the businessman was added to a WhatsApp group by a person identifying herself as Sneha Sarda representing a reputed financial services company. The group, named D2 High Network, promoted a trading website and promised assured profits. The victim was told that all analysis would be provided and his only role was to invest.
According to the complaint, the victim first invested Rs 12,000 on July 9 via internet banking. His trading account then displayed a 15 per cent profit. “After this, Sneha Sarda convinced me that to earn substantial profits, I should invest more capital. I was able to withdraw Rs 3lakh-Rs 4 lakh, which made me trust them. Under her persuasion, I invested a total of Rs 3,61,15,106 over 45 days. During this time, the account showed profits of about Rs 27 crore,” the businessman said.
The victim continued investing amounts ranging from Rs 5,000 to Rs 25 lakh over 50 days. Trouble began when he attempted to withdraw the supposed Rs 27 crore profit. The platform’s “customer care” demanded additional payments under various heads, including tax collected at source (TCS), claiming it was mandatory for the Indian government.
Growing suspicious, the businessman contacted the corporate office of the financial services company in Delhi, only to be told there was no employee named Sneha Sarda. It was then he realised he had been defrauded.
He approached the Cyber Security Bureau, which registered a case. An official said the fraud networks are largely operated from call centres based in China, with money routed through multiple bank accounts. Investigators are now tracking the accounts and withdrawal trails.