Techie falls prey to online trading scam, loses Rs 32 lakh
The victim, after joining the group, was contacted by an individual who asked him to download an app called Fidelity Pro through which he can make transactions
Hyderabad: A techie, 35, from LB Nagar reported a financial loss after becoming the target of an online trading scam. The firm, reportedly with its office at Bengaluru, turned out to be fake and he lost Rs 32 lakh.
The scam unfolded when the victim came across an advertisement for a trading platform on a digital messaging site. Upon clicking on the link, it led him to another digital messaging group named A1 Blue Chip Stock Investment and Investment Advice, which proffered expert guidance on stock market investments.
The victim, after joining the group, was contacted by an individual who asked him to download an app called Fidelity Pro through which he can make transactions. Initially, the victim invested small amounts starting with Rs 10,000 and Rs 15,000 and he was shown profits of Rs 1.5 lakh. He believed in the transactions that were shown on the screen prompting him to deposit larger sums. The withdrawal was successful and he received another Rs 3.5 lakh.
After multiple deposits, the victim was convinced to invest in an IPO for a company called Sahaj Solar Shares and was told to make an investment of Rs 20 lakh. He took personal loans from private banks and invested the sum.
While everything appeared smooth, the communication from the digital messaging group abruptly stopped and his account on the platform did not work. The victim grew suspicious and decided to visit the Fidelity Pro office in Bengaluru.
But upon his arrival, he discovered that the company never existed. He also learnt that the app was removed from the Google Play Store.
He then realised he was duped. He filed a complaint with Rachakonda cybercrime wing claiming he lost over Rs 32 lakh. An FIR was registered and investigations are underway to track the accused.
