Tolichowki senior citizen duped of Rs 19 lakh by fake investment advisors

Hyderabad: An 80-year-old man from Tolichowki became the latest victim of a growing wave of cyber fraud after being lured into an online share trading scam promoted through a fake news article.

The fraudsters conned the elderly victim out of Rs 19.09 lakh by posing as investment experts and using forged credentials to appear credible.

Fraud initiated via fake interview link

On July 18, the victim was browsing Google News when he came across a video interview featuring a Tamil Nadu-based TV anchor and a man identified as ‘Saadu Sadguru,’ who claimed he earned extra income through stock market investments.

The news article embedded a link promoting an online trading platform. Upon clicking the link, the victim was contacted by a man identifying himself as Saim, who claimed to be an account manager from a firm named IFEX CAPITAL. He convinced the senior citizen to invest, promising high returns and financial growth.

False promises and pressure for more payments

Trusting the caller’s claims, the victim transferred a total of Rs 19,09,905 in phases. Later, Saim demanded an additional Rs 10 lakh, claiming it was required to release so-called profits worth $100,000 (approximately Rs 84 lakh).

When the victim declined to make further payments, the fraudster brazenly told him to forget the money already invested. Only then did the man realise he had been duped.

The scammers had also shared forged documents claiming registration with India’s top regulatory bodies — the Financial Services Commission (FSC) and Securities and Exchange Board of India (SEBI) — to gain his trust.

Cybercrime police alert and public advisory

The Hyderabad Cyber Crime Police have taken up the investigation and issued a public advisory urging citizens to stay alert while browsing online content and responding to investment-related calls or links.

Do’s and Don’ts for safe online investing:

- Do not click on suspicious links in news articles or social media posts.

- Do not share personal or banking details with unknown callers.

- Do not transfer money to individuals or firms offering guaranteed high returns.

- Do verify the authenticity of financial platforms through official websites.

- Do consult registered financial advisors before investing.

- Check SEBI registration of advisors/firms at www.sebi.gov.in.

- Report cyber fraud immediately

Victims of cyber fraud are urged to report incidents by dialling 1930 or visiting cybercrime.gov.in. In urgent cases, help is also available at 8712665171.