Sajjanar said fraudsters lure victims through social media, Telegram, or WhatsApp groups, promising high returns in cryptocurrency, forex, or stock trading. They use fake websites, dashboards, and apps to show false profits and convince victims to invest more.
Hyderabad: City police commissioner V. C. Sajjanar on Tuesday warned citizens about the alarming rise in online trading and investment scams, citing the case of retired IPS officer Amar Singh Chahal, who ended his life after losing ₹8.10 crore in a WhatsApp-based fraud.
Sajjanar said fraudsters lure victims through social media, Telegram, or WhatsApp groups, promising high returns in cryptocurrency, forex, or stock trading. They use fake websites, dashboards, and apps to show false profits and convince victims to invest more.
“Citizens must avoid unverified platforms and never trust online profit guarantees,” Sajjanar cautioned.
Explaining the modus operandi, he said scammers typically begin with unsolicited messages posing as investment advisors. Victims are asked to make small initial investments, show fake profits, and then persuade victims to invest large sums.
DCP cybercrime V. Arvind Babu said victims eventually realise the fraud and are advised to report incidents via the National Cyber Crime Helpline (1930) or cybercrime.gov.in..
