Hyderabad: Retired official, job aspirant, stock trader lose over Rs 1 Cr in online investment fraud

Hyderabad: A 70-year-old retired official, a job aspirant, and a stock trader lost more than Rs 1 crore after falling prey to online investment and trading fraud in Hyderabad.

Cyberabad and Rachakonda cybercrime police have launched investigations into the scams.

Retired Medchal resident duped of Rs 93 L

A 70-year-old retiree from Medchal was swindled out of Rs 93.07 lakh after responding to an online advertisement for an investment opportunity.

According to Cyberabad cybercrime officials, the victim came into contact with fraudsters identifying themselves as Rajakumar and Nikita Sharma on July 17.

Initially investing Rs 2 lakh on August 26, the retiree was persuaded to invest larger sums under the pretext of partnership benefits.

Over time, he transferred a total of Rs 93.07 lakh through 11 transactions into 10 different bank accounts between August 26 and October 13. When he attempted to withdraw Rs 20 lakh on October 8, the fraudsters vanished.

Police said the gang operated a fake trading platform and manipulated victims through continuous online engagement and false assurances of high returns.

Job offer turns trap: Man loses Rs 8.7 L in Crypto Scam

In another incident, a man from Turka Yamjal fell prey to a cryptocurrency scam that began with a bogus part-time job offer.

The victim received a WhatsApp message offering small payments for completing Google review tasks. After receiving initial payouts to build trust, he was added to a group where members displayed screenshots of supposed profits.

Soon after, the victim was coerced into making “advance payments” under the guise of unlocking higher commissions. When he hesitated, the fraudsters intimidated him with threats of account freezes, loan recovery action, and poor credit ratings.

The Rachakonda cybercrime police have taken up the case and are tracking the online money trail.

Fake Trading App cons stock trader of Rs 8.3 L

A 52-year-old stock trader from Kompally lost Rs 8.3 lakh after being misled into downloading a counterfeit trading application, Trade Wealth Security.

The trader said he received a call from a man identifying himself as Vikas Chaudhary, who claimed to represent the brokerage firm he was already using. The victim transferred funds into the app as advised, only to be informed later that he had “lost Rs 1 crore.”

Suspecting foul play, he consulted his son and discovered he had been defrauded. Cyberabad police are investigating the digital trail to identify the culprits.

Police warn of sophisticated Cyber Traps

Officials have urged citizens to exercise caution when approached with investment, job, or trading offers online. They advised verifying company credentials before transferring money or downloading unfamiliar apps.

Victims are encouraged to report cybercrimes promptly through the National Cybercrime Helpline (1930) or the official portal www.cybercrime.gov.in to prevent further losses.