Retd. Govt Staffer Falls Prey to Fake Stocks, Loses Rs 12.36 Lakh
Based on the complaint, a case was registered at the cybercrime police and a probe is underway
Hyderabad: A retired government employee from Malkajgiri fell victim to an online trading scam and was cheated to the tune Rs 12.36 lakh after being lured through a social media advertisement.
The complainant came across an advertisement on Instagram in September, which was promoting online trading services offered by a firm claiming to be NAKA Solutions. After submitting his personal details, he received a phone call from an individual, who introduced himself as company representative based in the United Kingdom and persuaded him to begin investing through a mobile application.
Initially, the complainant invested small sums and profits were shown on the dashboard. The victim started trusting firm and their investment tips. Subsequently, a woman claiming to be his financial advisor contacted him and encouraged further investments, particularly in gold trading where she assured him of high returns. Trusting their assurances, the complainant invested larger sums of money.
Police said the accused later displayed fake profits amounting to nearly USD 57,000 on the trading platform. However, when the complainant attempted to withdraw the amount, he was asked to pay additional sums towards currency conversion charges, taxes, and other processing fees.
Thereafter, two other individuals contacted him from different international numbers, directing him to make further payments through cryptocurrency platforms such as Binance and Atomic accounts. Acting on their instructions, the complainant transferred an additional Rs 5.5 lakh.
Despite repeated follow-ups, no money was credited to his bank account, and all the accused stopped responding to his calls and messages. Realizing that he was cheated, the complainant approached the Rachakonda cybercrime police.
Based on the complaint, a case was registered at the cybercrime police and a probe is underway.
