Man from Himayathnagar Loses Rs.6.32 lakh in Online Gold Stocks Trading Fraud
The police asked the people to be cautious of unsolicited messages on Facebook, WhatsApp, or other social media from agents promising high returns through online trading platforms
Hyderabad: A 57-year-old resident of Himayathnagar in Hyderabad was scammed by an online trading platform called NFM Capital Markets through their agent, Amrutha Reddy, who contacted him via Facebook and WhatsApp and lost Rs.6.32 lakh.
She persuaded him to invest in US gold stocks, initially asking for USD 500, and guided him through trading, showing profits that could never be withdrawn. Over time, he paid a total of Rs.6.32 lakh through Google Pay and SBI Yono, believing the credited wallet balance of USD 38,694.94 was genuine.
The platform’s customer service repeatedly demanded additional money for taxes, withdrawal, and currency conversion fees, even threatening him with legal action. They later asked for another Rs.8 lakh for compliance, which made him realize it was a scam.
The victim was misled by false promises of huge profits and coercion through threats. The complainant suspects this to be fraud and reported the matter via 1930.
The police asked the people to be cautious of unsolicited messages on Facebook, WhatsApp, or other social media from agents promising high returns through online trading platforms like NFM Capital Markets. Do not transfer money to unknown accounts for investments, taxes, withdrawal fees, or compliance charges.
Fake trading platforms may show inflated wallet balances and profits to lure victims into sending more money. Always verify the legitimacy of any trading platform with SEBI, official regulatory authorities before making any investment.
Never share personal, banking, or KYC details with unverified agents or platforms. Report suspicious messages, calls, or websites immediately to your bank and local cybercrime authorities. Ignore threats of legal action or money laundering claims from unknown sources as they are tactics used by scammers.
Report such frauds immediately on the 1930 helpline or www.cybercrime.gov.in. In case of any emergency of cyber frauds please call or WhatsApp 8712665171.
