Retd Employee Lost Rs 6.8 Cr In Trading Scam

Hyderabad: In yet another case of online investment fraud, a 61-year-old retired employee from Hydernagar lost Rs 6.8 crore after being duped through a fake trading platform. He has lodged a complaint with the Telangana Cyber Security Bureau (TGCSB). According to the complaint, the victim was added to a WhatsApp group that claimed to provide exclusive trading opportunities in India and the US. One member, identifying himself as Karim Varma, persuaded him to download apps from the Google Play Store that were linked to a fraudulent trading website.

The victim was later contacted by another representative, who introduced herself as Kristin. She conducted a live demonstration of the website, assuring him that the company’s automated system would guarantee profits. Both Kristin and Varma repeatedly convinced him that larger investments would yield higher returns.

The victim began by investing Rs 2 lakh and later deposited amounts up to Rs 86 lakh. Within days, his trading dashboard falsely displayed profits of 30 per cent. Over the next 35 days, he deposited a total of Rs 6.8 crore, while the account showed inflated returns of Rs 14.78 crore.

The fraud came to light when the victim attempted to withdraw Rs 1.5 crore on September 12. Kristin informed him that he first had to pay 15 per cent capital gains tax — Rs 2.21 crore — before any withdrawal could be processed. Realising it was a scam, he approached the TGCSB seeking action.