Techie Joins WA Group For High Returns, Loses Rs 5.45 lakh
Victim was lured by the offer and assumed that he could use their (scammers) expertise to double the profits.
Hyderabad: A 43-year-old software employee from Chaitanyapuri lost Rs 5.45 lakh after being duped in an online trading scam that began with a misleading YouTube video which promised high returns after investment. According to police, the victim came across a promotional video that claimed to offer expert guidance on stock trading through a specialised platform.
Victim was lured by the offer and assumed that he could use their (scammers) expertise to double the profits. He joined a whatsapp group called Capitals Kings Club Group, where members projected themselves as financial experts. They instructed him to open a demat account through a link to the MH-AlphaTerminal (India-UK Fast Trading) app.
After registering with his Aadhaar details and personal information, the victim was assigned to so-called business manager identified as Karan Subhash Arora, who directed him to invest in various trades. Following instructions, the complainant transferred Rs 5.47 lakh in seven transactions.
On the other, the dashboard of the trading app was showing fake profits and inflated account balance was 25 lakh. But when he tried to withdraw his earnings, he was told to first pay additional Rs1.67 lakh as processing fee. When he refused, his access to the account was blocked and all communications were stopped.
Realising that he was defrauded, the victim approached police, stating that he had suffered a net loss of Rs 5.45 lakh. Rachakonda cybercrime police registered a case and launched an investigation to trace the operators of the fake trading platform.