Hyderabad: Former IPS officer’s wife loses Rs 2.58 crore in stock trading fraud

Hyderabad: The wife of a former IPS officer residing in Hyderabad was allegedly duped of Rs 2.58 crore by cyber scammers who falsely promised high returns through a fake stock market trading scheme.

WhatsApp link leads to trap

According to the complaint, the victim, who lives in the Banjara Hills MLA Colony, received a WhatsApp message in late November last year containing a link to a stock market-related application.

Further interaction with the link and the WhatsApp profile led to the scammers adding her husband’s phone number to a WhatsApp group titled ‘Stock Market Profit Guide Exchange Group 20’ on December 29.

Promise of 500% returns

After joining the group, a person identifying himself as Dinesh Singh convinced the victim that following his advice could yield up to 500 per cent annual returns. Trusting the claims, she downloaded a trading application named ‘MCKEY CM’ using her husband’s personal details.

Rs 2.58 crore invested in 19 transactions

Between December 24 last year and January 5 this year, the victim made 19 transactions, investing a total of Rs 2.58 crore through the trading portal. Though the app displayed profits of nearly Rs 2 crore, she was unable to withdraw the amount.

Withdrawal blocked, more money demanded

When she attempted to withdraw the funds, the fraudsters allegedly demanded additional investments, claiming it was mandatory to unlock the withdrawal option. Suspecting foul play, the victim realised she had been cheated.

Victim calls 1930 for aid

She recently lodged a complaint by calling the cybercrime helpline 1930. The following day, the Cyber Crime Police registered a case and initiated a detailed investigation to trace the fraudsters and recover the money.

Police have once again urged the public to remain cautious of unsolicited investment offers, WhatsApp trading groups, and applications promising unusually high returns.