Hyderabad Professional Defrauded of ₹1.26 Crore in Elaborate Stock Trading Scam
In a shocking case of digital financial fraud, a 51-year-old management professional from Miyapur, Hyderabad, has been cheated of a staggering ₹1.26 crore by sophisticated fraudsters operating an online stock trading scam. The Cyberabad cybercrime police have registered a case and launched an investigation into this elaborate scheme that preyed on investors seeking quick returns.
How the Elaborate Scam Unfolded
The victim's ordeal began on January 9 when he clicked on a Facebook advertisement that led him to join a WhatsApp group named 'F302-Achintya Wealth Strategy Circle'. This forum, which appeared legitimate on the surface, was actually a carefully orchestrated trap designed to lure unsuspecting investors.
The group was led by a fraudster posing as Prof Arpit Agarwal, who claimed to provide expert training in stock trading strategies. Shortly after joining, another individual identifying herself as Sonam, who presented herself as an operations manager, contacted the victim directly.
The Deceptive App Installation Process
Sonam instructed the victim to install an Android application called 'BFSI@ACHINTYA' through a weblink she shared. Once installed, the victim was provided with user credentials to register on the platform, creating a false sense of legitimacy.
The initial transaction involved a modest ₹10,000 transfer via PhonePe to a UPI address provided by the fraudsters on January 9. This small beginning was part of the psychological manipulation to build trust before escalating demands.
Escalating Financial Demands and False Promises
Over the following fortnight, the fraudsters systematically increased their demands, compelling the victim to transfer increasingly larger sums to multiple bank accounts. They justified these payments with various financial terms including:
- Over the counter (OTC) trades
- IPO allocations
- Other premium investment services
The victim reported that "the app's dashboard displayed soaring profits", creating an illusion of successful investments. To further reinforce this deception, other members of the WhatsApp group allegedly posted screenshots of their supposed earnings, creating social proof that encouraged continued investment.
The Massive Financial Loss
Between January 9 and January 22, the victim transferred over ₹1.26 crore through 34 separate transactions to various bank accounts and UPI IDs provided by the fraudsters. The scale and frequency of these transfers demonstrate the sophisticated psychological manipulation employed by the scammers.
The Reality Check and Police Complaint
The victim's realization came when he attempted to withdraw his supposed profits. The fraudsters immediately demanded additional payments for:
- Commissions
- Compliance charges
- Tax payments
- Unblocking fees
Recognizing the pattern of deception, the victim wisely halted further payments and filed an online complaint on January 22. He subsequently approached the Cyberabad cybercrime police in person on Friday, leading to the registration of a formal case.
Legal Action and Charges Filed
The cybercrime police have booked the case under multiple sections of the Bharatiya Nyaya Sanhita including:
- Section 318(4) - Cheating
- Section 319(2) - Cheating by personation
- Section 336(3) - Forgery for purpose of cheating
- Section 338 - Forgery of valuable security, will, etc.
- Section 340(2) - Using as genuine a forged document or electronic record
Additionally, the police have invoked Section 66-D of the Information Technology Act, which specifically addresses cheating by personation using computer resources. This comprehensive legal approach reflects the seriousness of the offense and the sophisticated nature of the digital fraud.
A Growing Concern in Digital India
This case highlights the increasing sophistication of financial frauds in India's digital landscape, where fraudsters leverage social media platforms, messaging apps, and fake applications to create convincing investment scams. The Cyberabad police have urged citizens to exercise extreme caution when encountering unsolicited investment opportunities online, particularly those promising unusually high returns with minimal risk.
Authorities recommend verifying the credentials of financial advisors through official regulatory bodies, avoiding transactions through unverified platforms, and reporting suspicious activities immediately to cybercrime cells. As digital financial transactions become more prevalent, such cases serve as crucial reminders about the importance of cybersecurity awareness and financial diligence in the modern investment landscape.
