Hyderabad: Cybercrime police recover Rs 39 lakhs lost in stock trading scam

Hyderabad: The Hyderabad City Cyber Crime Police refunded Rs 39 lakhs to a victim who was cheated by cyber fraudsters under the pretext of substantial profits in stock trading (MSTOCKMAX).

Case details

The case came to light after a 34-year-old unemployed male from Hyderabad filed a complaint stating that cyber fraudsters had cheated him after promising profits in stock trading. The fraudsters made him transfer Rs 78,70,500 to bank accounts provided by the accused.

When he came to know that he was cheated, the victim approached the police.

In response, the Cyber Crime Police registered a case under sections 66(C), 66(D) of the IT Act, and sections 319(2), 318(4), 338, 336(3), 340(2) of the BNS, and initiated an investigation. Inspector K Madhusudhan Rao, along with PC Venkatesh and PC Sampath sent notices to the bank officials, asking them to freeze the fraudulent amount, and guided the complainant to file a petition in court for the refund of the amount held in the fraudulent accounts to the complainant’s bank account.

Public advisory

- Beware of fake investment social media groups on Telegram, WhatsApp, X, Instagram and Facebook that promise high returns with little risk.

- Never fall for fake profit screenshots.

- Always use SEBI-approved apps for investment. Always ask a SEBI-registered financial advisor before investing.

- The scammer will credit a small amount to the victim’s account to gain the victim’s confidence and might allow a withdrawal amount as well.

- There is a possibility to get a refund of at least part of the lost and ‘put on hold’ amount if the crime is reported immediately.

- Victims of cyber fraud can report immediately on the helpline number 1930 or through the National Cyber Crime Reporting Portal.