Dundigal Woman Loses ₹1 Crore to Cybercrooks in Stock Market Fraud

Encouraged, she began investing larger amounts. By the second week of January, she had invested ₹1.09 crore, routing the money via bank accounts and payment channels shared by the group admins.

The scam came to light after the victim tried withdrawing the money, but was told that her account was frozen and that several other “penalties” should be paid to be able to defreeze it.

She reached out to the Cyberabad cybercrime police during the weekend.

The victim told the police that she was added to a WhatsApp group in December last by self-proclaimed experienced stock market traders and promised her high returns. They shared fake screenshots claiming that several members had earned substantial profits by following their recommendations, police said.

Hyderabad Police Arrest Four in Bihar and Bengal for Providing Mule Accounts in ₹2.58 Crore Scam

The Hyderabad cybercrime police arrested four persons for providing ‘mule’ bank accounts to carry ₹2.58 crore that fraudsters had cheated from the wife of a CBI former joint director. The accused had allegedly provided the accounts on a commission basis to a Myanmar-based cyber fraud syndicate.

Police said ₹2.45 lakh had been frozen from the suspect bank accounts, and efforts were on to trace and arrest the main accused and other members of the fraud network.

The four accused were traced through technical analysis, arrested in from Bihar and West Bengal brought to Hyderabad on transit warrants. They were produced before a court and remanded to judicial custody. The prime accused is absconding.
The victim had received a WhatsApp message in November last year, containing a link related to share market investments. The link promised profits 500 times the investment.
Unfamiliar with online trading, the victim consulted her husband and joined the WhatsApp group. She was allegedly guided to invest money in online trading through instructions shared in the group.
Between December 24 and January 5, the victim transferred ₹2.58 crore in 19 instalments to bank accounts provided by the fraudsters. When she sought to withdraw the amount, she was allegedly told that the profits would be released only after further investment.
Realising that she had been duped, the victim lodged a complaint through the cyber crime helpline 1930 on January 5.

Madinaguda Techie Loses ₹1.26 Crore to 'Stock Training' Fraud on WhatsApp

A former IT employee from Madinaguda lodged a complaint with the cybercrime police after he was allegedly cheated of `1.26 crore, police said on Tuesday. He had responded to an advertisement on Facebook, where scamsters promised training which would help him earn huge profits through investment in the stock market.

On responding, the victim was redirected to a WhatsApp group where several members projected themselves as experienced traders and mentors. The group admins assured him that they would teach him stock trading techniques and pursued him to transfer money to invest on his behalf.

They showed fake dashboards exhibiting huge profits and made him believe that the money would be transferred to his account later, the Cyberabad cybercrime police said. Encouraged by what he believed were his profits, he invested larger amounts as advised by the group members, channeling a total of ₹1.26 crore to various bank accounts as indicated by the gahg..

When he attempted to withdraw the funds, the group started falling silent. He then approached the police.