Hyderabad: Women lose Rs 9.97 lakh after falling prey to fake stock brokerage platform
The fraud began when she came across an Instagram advertisement promoting high-return stock trading opportunities
By Newsmeter Network
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Hyderabad: A 45-year-old woman working at a private firm in Hyderabad lost Rs 9.97 lakh after being lured into trading through a fake version of the Zerodha stock trading app.
The fraud began when she came across an Instagram advertisement promoting high-return stock trading opportunities.
Convincing interface of fake app
After interacting with the promoters of the ad, she was added to a group that discussed investment strategies. She was then provided a link to download a trading app that looked identical to the official Zerodha platform. Trusting its appearance, the woman uploaded her KYC details and created an account.
Initial return built trust
To build her confidence, the scammers returned her first investment of Rs 1 lakh, displaying fake profits through the app's dashboard. Encouraged by the seemingly impressive returns, she continued to invest large sums over time.
Withdrawal attempts blocked
However, when she attempted to withdraw her supposed earnings, the app displayed vague technical errors and eventually denied her access altogether. Realizing she had been duped, the woman filed a police complaint.
Police investigation underway
Authorities have launched an investigation and urged the public to exercise caution while responding to financial offers online. Officials stressed the importance of downloading apps only from verified sources and avoiding unverified investment groups on social media.
