Elderly Person Loses Rs.57 Lakh To Fake Investment Platform
The perpetrators used forged documents and impersonated representatives of a reputed firm to execute the scam
Hyderabad: A 60-year-old resident of Jubilee Hills became the victim of a financial scam involving a fraudulent online trading platform named “FX Road,” discovered through an Instagram advertisement.
After clicking the ad, the victim was contacted by individuals posing as representatives of the platform. They guided him to register, digitally sign documents, and invest money through credit card transactions and bank transfers.
The scammers falsely claimed that his funds were being used for trading in commodities like crude oil, precious metals, company stocks such as Tesla, and cryptocurrencies. The platform initially displayed fake profits to build trust.
As markets supposedly turned volatile, the fraudsters manipulated the victim into repeatedly depositing more funds to maintain margin levels. This led to borrowing large sums Rs.7 lakh to Rs.8 lakh from Navi and Rs.17.5 lakh against a private bank’s savings policy. Eventually, he was pushed to deposit an additional Rs.25 lakh to Rs.32 lakh, but by then, he was financially and emotionally exhausted.
Upon investigation, it became clear that the perpetrators used forged documents and impersonated representatives of a reputed firm, trade bulls, to execute a highly organized and deliberate investment scam. In total, the victim was defrauded of Rs.57.43 lakh. After realising the fraud, the victim reported the matter to the national cyber crime helpline (1930).
In the advisory, the police said the incident highlights the increasing risk of fraudulent trading and investment platforms circulating on social media. Users are strongly advised to verify the authenticity of any financial service before sharing personal documents or transferring funds.
Reputed companies will never coerce investors into repeated deposits, nor will they operate without regulatory oversight. Avoid falling for schemes that promise high returns in short durations. Always check if the investment platform is registered with SEBI or other official bodies.
Stay alert and protect yourself from digital scams. “Your awareness is your first line of defense. Preserve all communication, including messages, call records, and transaction proofs,” the police said.
