Hyderabad Resident Defrauded of ₹1.13 Crore in Sophisticated Stock Trading Scam
A 50-year-old private sector employee from Bowrampet, Hyderabad, has fallen victim to a devastating financial fraud, losing a staggering ₹1.13 crore to a meticulously orchestrated stock trading scam. The Cyberabad Cyber Crime police have officially registered a cheating case based on the victim's detailed complaint, highlighting the growing threat of online investment frauds.
The Deceptive Social Media Approach
The elaborate scheme began on June 2, 2025, when the victim was contacted on Facebook Messenger by an individual identifying herself as Sruthi Spandana. After establishing initial contact, the conversation swiftly moved to WhatsApp, where the fraudster, now referred to as Shruti, claimed a past acquaintance with the victim to build trust and rapport.
Under the guise of offering lucrative investment opportunities, Shruti convinced the unsuspecting victim to open an account on a fraudulent stock trading website, m.ironfxvip.com. She painted a compelling picture of quick and substantial profits, preying on the victim's financial aspirations.
The Gradual Descent into Financial Ruin
Following Shruti's precise instructions, the victim made an initial deposit of ₹50,000 into bank accounts provided by the fraudster. To foster a false sense of security and legitimacy, the scammers allowed a small withdrawal of ₹6,120, which successfully bolstered the victim's confidence in the platform's authenticity.
Encouraged by this apparent success, the victim continued to transfer significant funds over the subsequent months, believing he was investing in a genuine trading opportunity. The fraudsters skillfully manipulated the fake platform to display fabricated profits, creating an illusion of growing wealth.
The Unraveling of the Fraud
The elaborate charade began to crumble when the victim's bank flagged the initial ₹6,120 credit as a suspicious transaction and alerted him. Upon confrontation, Shruti outright denied any responsibility and audaciously demanded an additional ₹5 lakh, after which she abruptly ceased all communication, leaving the victim in financial distress.
It was revealed that throughout the scam, the fraudsters had imposed a series of bogus charges to siphon more money, including a 15% conversion fee, an account unfreezing fee, and a VIP account fee, all under the pretext of unlocking withdrawals.
Legal Action and Police Investigation
In response to the victim's formal complaint, the Cyberabad Cyber Crime police registered a case on Sunday. The charges have been filed under multiple sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, including:
- Section 318(4) for cheating
- Section 319(2) for cheating by personation
- Section 336(3) for forgery with the intent to cheat
- Section 338 for forgery of valuable securities
- Section 340(2) for using forged documents as genuine
- Section 66-D of the IT Act for identity theft
This case serves as a stark warning to the public about the sophisticated tactics employed by cyber criminals in the realm of online investments. Authorities urge citizens to exercise extreme caution when approached with unsolicited investment opportunities, especially through social media platforms, and to verify the legitimacy of trading platforms through official channels before committing any funds.
