Bowenpally resident joins investment firm’s WhatsApp group; loses Rs 43 lakhs in scam
Convinced of the group’s legitimacy and the promised profits, the victim enrolled in a high-yield investment plan promising a 688 per cent profit.
By Newsmeter Network Published on 11 Jan 2024 12:28 PM GMT
Representational Image.
Hyderabad: A 42-year-old private employee from Bowenpally, Sudhershan Reddy, lost Rs 43,76,000 to cyber criminals who orchestrated an elaborate scam under the guise of an investment opportunity in the stock market. The police are on the lookout for the culprits.
Case details
According to the Cyber Crime Police, Reddy received a message via WhatsApp inviting him to join a group supposedly run by an investment group called APEX.
After joining the group, Reddy inquired about the authenticity of the group with its members and received positive feedback. Convinced it was a genuine group, he decided to invest.
Upon joining, a woman named Jaden was introduced as a support team member. Using the WhatsApp number +91 77508 20734, Jaden engaged Reddy in discussions about the investment details and presented an enticing offer.
Convinced of the group’s legitimacy and the promised profits, Reddy enrolled in a high-yield investment plan promising a 688 per cent profit. Jaden facilitated the registration process, directing Reddy to fill out a form and download a web application.
To initiate his investment, Reddy was instructed to make an initial payment of Rs 50,000 into his account. As the transactions unfolded, Reddy was encouraged to reinvest and increase his stake to maximise potential profits. The cycle continued until he sought to withdraw his earnings.
However, the scammers introduced an unexpected complication, insisting that Reddy needed to pay a consumption tax of 18 per cent (amounting to 15 lakh) before being eligible to withdraw his funds. In a plea to facilitate the process, Reddy requested that the tax be deducted directly from his profits, leaving the remaining amount accessible to him.
Unfortunately, the criminals did not uphold their commitment, leaving Reddy in a state of financial distress. In multiple transactions, he ended up losing a staggering Rs 43,76,000.
A case has been registered with the Hyderabad Cyber Crime Police, who are currently investigating the matter. The authorities are working diligently to trace the perpetrators and bring them to justice. This incident serves as a stark reminder for individuals to exercise caution and conduct thorough research before engaging in online investment schemes to avoid falling victim to such scams.
