Crypto, stock trading scams dupe three in Hyderabad of Rs 7.3 crore
A businessman from Machabollaram in Alwal was befriended online by a woman who shared a web link and persuaded him to invest
By - Newsmeter Network
Hyderabad: Cyber criminals, posing as crypto and stock trading experts, have cheated three persons of more than Rs 7.3 crore by luring them with promises of high and quick returns.
The fraudsters followed a familiar pattern: offering small initial profits to gain trust and then blocking withdrawals after receiving large investments. The cases were reported to the Cyber Crime Police, officials said.
Online lure drains Rs 2.13 crore from businessman
A businessman from Machabollaram in Alwal was befriended online by a woman who shared a web link and persuaded him to invest.
After he transferred Rs 50,000 on November 16, he received returns, prompting further investments. Acting on her advice, he transferred Rs 10 lakh on November 19 and continued sending money in instalments.
By December, the total investment touched Rs 2.15 crore. While only Rs 2 lakh was returned, the remaining Rs 2.13 crore got stuck in accounts. Suspecting foul play, he approached the police.
Techie denied withdrawal of ‘Rs 12 crore profit’
In another case, a software engineer joined a WhatsApp group after clicking a link. The group members, using names such as Professor Rajat Verma and Meena Bhatt, regularly posted messages claiming huge stock market gains.
After initial reassurance, the victim was asked to register on a website. His first investment of Rs 2 lakh appeared profitable. Encouraged, he transferred money in phases, totalling Rs 1.81 crore.
Though the website showed profits of nearly Rs 12 crore, he was not allowed to withdraw any amount, leading him to lodge a complaint.
Begumpet trader cheated of Rs 3.4 crore in 22 days
A trader from Begumpet received WhatsApp messages from a person claiming to represent ORB Online Traders. The fraudsters promised daily trading with assured 100 per cent profits.
After an initial investment of Rs 1 lakh, a 5 per cent return was shown. Gaining confidence, the trader transferred money in stages and paid Rs 3.40 crore within 22 days. Despite seeing balances reflected in a digital account, withdrawals were blocked, confirming the fraud.
Police caution to investors
Cybercrime police have warned the public against unsolicited investment offers, WhatsApp groups promising guaranteed returns and websites that restrict withdrawals.
Citizens are advised to verify platforms thoroughly and report suspicious activity immediately to avoid financial losses.
