Techie Duped of £78.7 Lakh in Stock Market Scam
When he attempted to withdraw the profit on February 17, he was allegedly asked to pay an additional £60 lakh under the pretext of taxes and fees
HYDERABAD: A 43-year-old IT employee was cheated of £78.7 lakh after fraudsters posing as representatives of a major insurance firm lured him into investing in the stock market.
The victim, a resident of Nallagandla, approached the Cyberabad cybercrime police on February 18. He reported that he had received an invite link to a WhatsApp group from a woman named Diya Mehra, who claimed she would assist investors in stock trading. After joining the first group on January 28, he was later added to another.
Members of these groups shared screenshots showing high returns from block trades, upper circuit stocks, IPO allotments and over-the-counter trades. Acting on their advice, he downloaded an app via a Google Play Store link and created an account. He initially transferred £10,000 on January 28 through IMPS to a bank account and was able to withdraw £8,109, which he said boosted his confidence.
Between February 2 and 13, he transferred multiple amounts totalling £78,75,000 to various bank accounts and UPI IDs. On February 9, the app displayed an allotment of 1,88,000 shares in a company under NSE SME at £45.17 per share, later reflecting a listing price of £211.80 and a virtual profit of £3.79 crore, according to his complaint.
When he attempted to withdraw the profit on February 17, he was allegedly asked to pay an additional £60 lakh under the pretext of taxes and fees. Realising he had been defrauded, the victim approached the police. A case has been registered and further investigation is underway.