Kondapur Trader Loses Rs 1 Cr In WhatsApp Scam
The victim was asked to download a mobile application named Capstore In and register. After an initial investment, he was credited ₹1.01 lakh as profit, which boosted his confidence.
HYDERABAD: A businessman from Kondapur was allegedly cheated of ₹1.03 crore by online fraudsters posing as American stockbrokers on WhatsApp. Cyberabad cybercrime police registered a case on Tuesday based on his complaint.
According to police, the fraud began on November 23 last year when unidentified persons contacted the victim on WhatsApp and later added him to a group discussing stock market trades. The accused claimed that investments in the New York Stock Exchange and Indian markets would yield high returns, sharing fake screenshots of profits.
The victim was asked to download a mobile application named Capstore In and register. After an initial investment, he was credited ₹1.01 lakh as profit, which boosted his confidence. Encouraged, he transferred money in stages to multiple accounts, totalling ₹1.03 crore.
Though the app displayed large virtual profits, the victim was unable to withdraw funds. When he questioned this, the fraudsters allegedly demanded an additional ₹49.39 lakh, claiming it was needed to unfreeze his account.
Realising he had been duped, the businessman stopped further payments and approached police. A case has been registered and investigation is underway.