Man Loses Over ₹22.10 Lakh In Online Trading Scam
The scammers persuaded him to join the group with an assurance of high, risk-free returns from the international trading market: Reports
HYDERABAD: A 55-year-old man from Dilsukhnagar fell prey to a hi-tech online investment scam and lost over ₹22.10 lakh after being lured by a fake AI-based trading platform promoted through a deepfake video circulating on social media. As per the complaint filed with the Cyber Crime Police Station, Rachakonda, the victim, who is an advocate by profession, came across the video that appeared to be showing Union minister Nirmala Sitharaman endorsing an investment opportunity, which was factually AI generated.
Believing the video to be genuine, he clicked on a link that directed him to an online trading platform. Soon after, he began receiving repeated phone calls and WhatsApp messages from individuals claiming to be representing the platform.
The scammers persuaded him to join the group with an assurance of high, risk-free returns from the international trading market. After procuring identity documents and personal details, the fraudsters created a trading account in his name.
In the beginning, the victim was asked to pay a membership fee of 231 dollars which is approximately ₹20,900, following which he was given guidance on making further investments.
The accused shared screenshots reflecting substantial profits which convinced the victim that his investments were growing. Trusting their claims, he deposited large sums over a period of time. However, when he attempted to withdraw the amount, he was asked to pay additional charges. On refusal to transfer more money, the callers allegedly threatened him and then stopped responding to messages, and blocked all communication.
Later, the victim realised that he was cheated. In total, he had invested ₹22,40,762 and received only ₹30,100. He suffered a net loss of ₹22,10,662. Police have registered a case and launched an investigation.
