Man Loses ₹84.81 Lakh In Fake Trading App Scam
Police said the victim was shown virtual profits and fake IPO allotments, and was added to a WhatsApp group where purported members displayed fabricated gains.
Hyderabad: A 44-year-old private employee from Petbasheerabad was allegedly cheated of Rs 84.81 lakh by fraudsters through a fake online trading platform promising high returns.
According to police, the victim came across a social media advertisement and joined a group claiming association with ‘5 Paisa Capital Limited’. He was contacted by persons posing as investment advisers and customer support executives, who directed him to download a trading application.
The accused allegedly persuaded him to invest in stock trading activities, including block trades, upper circuit stocks and IPO allotments, assuring profits and zero commission. He initially transferred Rs 10,000 and subsequently deposited larger amounts into multiple bank accounts provided by the accused.
Police said the victim was shown virtual profits and fake IPO allotments, and was added to a WhatsApp group where purported members displayed fabricated gains.
The complainant stated that he was allowed to withdraw Rs 5.10 lakh initially, which increased his confidence. However, when he attempted to withdraw a larger amount shown in the application, he was asked to pay additional charges towards brokerage and taxes.
On suspicion, he verified the details and realised he had been cheated, following which he approached the cybercrime authorities.
Cyberabad Cybercrime police registered a case and said investigation is under way into the bank accounts and phone numbers used in the fraud.
