Online investment fraud: Hyderabad resident loses Rs 23.48 lakh in fake trading app; two from Mumbai held

Hyderabad: Cyber Crime Police, Hyderabad, arrested two accused from Mumbai for their involvement in a sophisticated online investment fraud.

The case involved the victim being cheated of more than Rs 20 lakh through a fake trading app.

According to the police records, the accused lured victims through WhatsApp share-trading groups and cheated a complainant of Rs 23.48 lakh using a fake trading app (FaerPE Trading App) by showing false profits and freezing funds on the pretext of settlement.

The accused have been identified as Dharmesh Jaswantbhai Barot alias Lali (A-2) and Mohd Shahid Hanif Ansari (A-3). The police have seized two mobile phones from the accused.

The accused used mule bank accounts to siphon off the cheated money. The case was detected by the Cyber Crime Police team under the supervision of senior officers.

Public advisory regarding fraudulent trading apps and fake investment advisors

1. Do not join unsolicited WhatsApp or Telegram trading groups claiming high returns in shares, OTC trades or IPOs.

2. Before investing, always verify the investment platform, company and advisor on the official SEBI website.

3. Never share bank details, PAN or personal documents with unknown persons posing as investment advisors.

4. Avoid installing unverified trading apps sent by unknown individuals—fraudsters often create fake platforms to show manipulated profits.

5. Do not transfer money to bank accounts provided by self-proclaimed agents of investment companies.

6. Be cautious of advisors who pressure you to invest large amounts or force you to buy specific shares, OTC deals or IPOs.

7. Scammers commonly display fake profit screenshots or fake group messages to mislead and trap victims.

8. If a trading app blocks withdrawals or demands penalties/fees to release your funds, it is a clear sign of fraud.

9. Immediately stop payments and communication if you notice suspicious activity.

10. Report cyber frauds immediately on the 1930 helpline or www.cybercrime.gov.in

11. In case of any emergency of cyber fraud, please call or WhatsApp 8712665171.

12. Follow these links for the latest cyber awareness updates.