A 56-year-old software consultant employed with a multinational company in Hyderabad fell victim to a sophisticated cyber fraud, losing a staggering Rs 2.92 crore over two months starting February 24. The fraudsters lured him through fake stock trading platforms, promising high returns on investments. Based on his complaint, the Malkajgiri police registered a cheating case on Thursday and launched an investigation.
How the Scam Unfolded
The victim, a resident of Ramanthapur, was added to a WhatsApp group named ‘Riding the Wind Club Discussion Group’ in February. In this group, fraudsters posing as investment advisers shared stock tips and IPO offers. The group was managed by individuals identifying themselves as Anika Sharma and Chandraprakash, who used multiple mobile numbers to communicate with members.
Initial Lures and Fake Profits
After the victim made small initial investments, the scammers showed him fake profits from stocks and IPOs. Encouraged by these virtual gains, he was persuaded to join VIP trading programmes that promised high returns and interest-free credit facilities. The fraudsters used these tactics to extract larger sums of money over time.
Blocked Withdrawals and Loan Conditions
When the victim attempted to withdraw his funds, the fraudsters blocked the transactions. They claimed that the money was locked due to loan repayment conditions, preventing him from accessing his own capital. In his complaint, the victim stated, "When I tried to withdraw money, they blocked the transactions, claiming that the funds were locked due to loan repayment conditions."
Police Investigation and Advisory
The Malkajgiri police have registered a case under relevant sections of the Indian Penal Code and the Information Technology Act. They are now probing the financial trail and the identities of the fraudsters. Authorities advise the public to be cautious of unsolicited investment offers on social media platforms and to verify the authenticity of trading platforms before investing.
