Hyderabad: Software engineer duped of Rs 2.14 crore in fake stock trading scam
On December 12, the software engineer made his first investment of Rs 31.5 lakh, which appeared to yield profits on the app
By - Newsmeter Network
Hyderabad: Cyber fraudsters duped a 44-year-old software engineer of Rs 2.14 crore by luring him into a fake stock-trading scheme using a woman’s profile photo, according to Cyberabad Cyber Crime Police.
Friendship turns fraud
Police said the victim, a resident of TNTVO Colony, came into contact with a woman on social media in December last year.
The two began chatting regularly. Gaining his trust, the woman claimed she was making substantial profits through stock trading and persuaded him to download a mobile application and complete registration.
Initial returns build confidence
On December 12, the software engineer made his first investment of Rs 31.5 lakh, which appeared to yield profits on the app. Encouraged by these virtual gains, he transferred Rs 42.27 lakh in a second installment after being assured of higher returns with increased investment.
‘Tax’ demand and escalation
When the victim attempted to withdraw funds, he was told that 30% of the profits had to be paid as tax to the UAE government and that additional investments were required to proceed.
Trusting the app’s displayed profits, he borrowed Rs 90 lakh from colleagues, withdrew family savings, and even sold some assets. In total, he transferred Rs 2.14 crore in eight installments.
Realisation of the scam
The fraud came to light when the scammers demanded an additional Rs 68 lakh to release the funds. Suspecting foul play, the victim searched the woman’s photo online and discovered it had been lifted from an Instagram profile, confirming it was a fake identity.
Complaint filed
Realising he had been cheated through a fake profile and a bogus trading app, the software engineer approached the Cyberabad police, who have registered a case and launched an investigation.
Police Advisory
Cyber police cautioned the public against online investment offers promising assured or unusually high returns, especially those routed through unknown apps and profiles, and urged immediate reporting of suspicious activity.
