Visakhapatnam Residents Lose Over Rs 3 Crore in Elaborate Online Stock Trading Scams
In a stark reminder of the escalating threat of digital financial fraud, cybercriminals posing as stock trading advisors have duped two residents of Visakhapatnam of more than Rs 3 crore in two separate, sophisticated incidents. These cases highlight the growing menace of online investment scams that prey on individuals seeking lucrative returns.
First Case: The 'Angle One App' Trading Team Deception
The first victim, a 50-year-old man, received an unsolicited phone call from individuals claiming to represent the 'Angle One App' trading team. He was subsequently added to a WhatsApp group where a person identified as Ambarish Khenge regularly disseminated trading tips and market advice.
Convinced of the group's legitimacy, the victim began investing substantial sums, lured by promises of consistent 30% profits. Between November 2025 and January 2026, he transferred a total of Rs 1.45 crore into the scheme. The associated trading portal dashboard displayed impressive, accumulating gains, reinforcing his confidence.
However, when he attempted to withdraw his purported profits, the fraudsters introduced new obstacles. He was asked to pay significant commissions and additional taxes to process the withdrawal. Eventually, the entire portal became inaccessible, and the communication channels went silent, leaving the victim to realize he had been systematically cheated. The Cybercrime police have registered a formal case under the Information Technology Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS).
Second Case: The 'Standard Chartered Securities' Facebook Facade
In a parallel incident, a 40-year-old man encountered a Facebook group operating under the banner of Standard Chartered Securities and Acumen Capital Group, managed by a profile named 'Grow Team'. Fraudsters posing as financial experts guided him to invest in specific stocks, instructing him to transfer funds into multiple bank accounts.
Similar to the first case, the investment portal showed enormous, seemingly legitimate profits. Yet, every withdrawal request was denied. The scammers then demanded a staggering Rs 1.3 crore as a 'service tax' to release his funds. After complying, he found himself completely locked out, culminating in a total loss of Rs 1.5 crore. Police have registered another case under the IT Act and BNS.
Official Warnings and Rising Threat Landscape
Investigating officials noted that salaried employees, businessmen, and pensioners are prime targets for these elaborate scams. Criminals exploit the universal desire for quick and substantial financial returns. Authorities warned that online investment fraud is witnessing a sharp rise, with perpetrators increasingly leveraging social media platforms, WhatsApp groups, and fake online forums to lure unsuspecting victims.
The police have issued a strong public appeal, urging citizens to:
- Verify the authenticity of any trading platform or financial advisory service independently.
- Avoid financial transactions based solely on unsolicited advice received through digital channels.
- Exercise extreme caution when approached via WhatsApp groups, Facebook pages, or other unverified online forums.
They emphasized that legitimate financial institutions and registered advisors do not operate through random social media groups or demand exorbitant fees for withdrawals. The public is urged to report any suspicious investment offers or activities to the cybercrime authorities immediately.
These distressing cases from Visakhapatnam underscore the critical need for greater public awareness and digital vigilance. As cybercriminals continue to refine their methods and exploit loopholes in digital platforms, investors must prioritize security and due diligence to protect their hard-earned capital from such sophisticated frauds.
