Hyderabad: Private firm employee loses Rs 6.14 lakh in IPO investment scam
When the victim requested a withdrawal, he was asked to pay 10 percent of the amount in order to proceed with the withdrawal
By Newsmeter Network Published on 7 Aug 2024 7:33 PM IST
Hyderabad: A 58-year-old male private employee from Hyderabad was duped to the tune of Rs 6.14 lakh in an IPO investment scam. Officials said that the victim received a WhatsApp message offering IPO investment opportunities.
Consequently, the victim made a payment towards the IPO investment. The victim was then given an investment account that showed the amounts paid. The victim sold shares and made profits.
He was offered the opportunity to reinvest the profits into other running IPOs of K C Enterprises, Bandhan Bank, and V K Enterprises, IDFC First Bank.
When the victim requested a withdrawal, he was asked to pay 10 percent of the amount in order to proceed with the withdrawal. After further investigation and conversations, the victim realised it was a scam.
Public Advisory:
The Hyderabad Cyber Crimes police said that fraudsters approach victims through various online social media platforms i.e. Telegram, WhatsApp, X, Instagram, and Facebook by advertising fake trading apps / websites. Such schemes are fraudulent and do not have SEBIās endorsement.
The officials advised the public to always ask a SEBI registered financial advisor before investing. Fraudsters are using simple tactics to lure gullible investors with promises of high returns and fake profit screenshots. After, they will credit a small amount in the victim's account to gain the victim's confidence.
Never believe the promises of huge returns. In case they become victims of cyber crime, immediately by dialling 1930 or by visiting cybercrime website. In case of any emergency of cyber fraud, please call or WhatsApp 8712665171, the officials added.
