Online trading platform fraud: Kanchanbagh youth loses Rs 14.34 lakh to fake FYERS-DMA agents
The fraud came to light after the victim failed to withdraw his funds and verified the platform with the original company.
By - Newsmeter Network
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Hyderabad: A 27-year-old man from Kanchanbagh was cheated of Rs 14.34 lakh by cyber criminals.
The victim was lured into investing through a fake online trading platform posing as ‘FYERS-DMA’, falsely claiming to be an official service of the reputed brokerage firm Fyers Securities.
The fraud came to light after the victim failed to withdraw his funds and verified the platform with the original company.
Trap laid through WhatsApp
According to the complaint, the victim was first contacted by unknown persons through WhatsApp, who introduced themselves as trading experts and persuaded him to open an account on the so-called FYERS-DMA platform. The platform appeared professional and genuine, showing steady profits on the dashboard.
Small withdrawals are allowed to win confidence
To build credibility, the fraudsters initially allowed the victim to withdraw profits twice, amounting to Rs 3.60 lakh. Gaining confidence from these successful withdrawals, the victim was convinced to invest larger amounts over time.
Rs 17.94 Lakh transferred into multiple accounts
Believing the platform to be legitimate, the victim transferred a total of Rs 17.94 lakh into different bank accounts provided by the handlers. These amounts were shown as active trading investments with rising profits on the fake application.
Withdrawals blocked, fake loan pressure applied
When the victim later attempted to withdraw his money, all withdrawal requests were blocked.
The fraudsters stopped responding to his messages and later demanded repayment of a fabricated Rs 15 lakh ‘loan’, claiming it was mandatory before releasing the funds, an attempt to extort more money.
Verification exposes the scam
Suspicious of the developments, the victim contacted the official customer support of Fyers Securities. He was informed that there was no such platform called ‘FYERS-DMA’, no loan facility was associated with their trading service, and the entire operation was a fraud.
Realising he had been deceived, the victim approached the cybercrime police and lodged a complaint. After adjusting the amount already withdrawn, the total loss was assessed at Rs 14.34 lakh.
Cyber police issue public advisory
In view of the increasing number of such cases, cybercrime officials have issued a public warning urging citizens to remain alert against fake online trading platforms.
Here’s how their modus operandi works:
- Scammers are creating fake apps and WhatsApp groups in the name of SEBI-registered brokers.
- They allow small profit withdrawals initially to gain investor trust.
- Victims are made to transfer money to personal or unknown bank accounts.
- Fake platforms show false profits and demand repayment of imaginary ‘loans’.
- Later, the scammers stop responding to the victim.
Always verify information thoroughly
The police said that investment platforms must always be verified through SEBI and official company websites.
Unsolicited trading offers on WhatsApp and social media must be ignored.
Banking details, OTPs and sensitive financial information should never be shared.
How to report cyber fraud
Victims of cyber fraud are advised to immediately report cases through the National Cybercrime Helpline: 1930, Website: www.cybercrime.gov.in, Emergency Cyber Support (Call/WhatsApp): 8712665171.
