Hyderabad: How scammers used YouTube ad to lure two brothers to invest Rs 4.48 Cr in fake stocks
When the brothers requested to withdraw Rs 2 crore, they were asked to first pay 10% of the profits as commission
By Newsmeter Network
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Hyderabad: Two brothers from Kothapet, Hyderabad, lost Rs 4.48 crore in a fake investment scam.
YouTube ad sparks contact
The scam began when the victims saw a YouTube advertisement in the name of a reputed company. Soon after, a man identifying himself as Rajeev Mehta, claiming to be the firmās Chief Investing Officer, contacted them via WhatsApp.
He offered investment tips, promising high returns and charging a 10% commission only if profits exceeded 50%.
Fake contest and promises
Mehta later convinced the victims to vote for him in the so-called World Finance Challenge, claiming he would win a million-dollar prize and share it with those who supported him. Tempted, the brothers opened a Demat account on June 24 and gradually deposited Rs 4.48 crore.
Illusion of huge profits
The scammers showed Rs 39 crore as profit in the Demat account. When the brothers requested to withdraw Rs 2 crore, they were asked to first pay 10% of the profits as commission.
Truth uncovered in Bengaluru
Suspecting foul play, the brothers visited the companyās head office in Bengaluru. They learnt that Mehta had worked there earlier but had quit, and that no World Finance Challenge scheme existed.
Case registered
Following their complaint, the Telangana State Cyber Security Bureau (TGCSB) police registered a case on Thursday and launched an investigation.
