A 38-year-old man from Hyderabad lost more than Rs 27 lakh in an online stock market trading fraud.
Connected after noticing a trading advertisement on Facebook, the fraudsters posed as stock market traders. According to the police, the victim was added to a WhatsApp group where several people, claiming to be experts and assuring high profit and quick return, convinced him to invest money.
"Initially, the victim was asked to download a mobile application called ADVPMA for trading. At first, he invested Rs 10,000, and he received profits. He thought it was a good idea to invest more money. Over time, he transferred a total of Rs 27.05 lakh," said cyber crime DCP.
Interestingly, the app kept showing a balance of Rs 81.69 lakh, including profits; however, when the victim tried to withdraw the money, the option was blocked.
"The people running the WhatsApp group then demanded an additional Rs 50 lakh, claiming it was needed for processing and taxes," added the cybercrime officer.
Realising he had been cheated, the victim then approached the Hyderabad police and filed a complaint.
Authorities have advised reporting such frauds immediately to the cybercrime helpline 1930 or through the official cybercrime portal.
