Senior citizen duped of Rs 1.68 Cr in fake online trading fraud; Hyderabad CP Sajjanar urges caution
CP Sajjanar warned people not to trust unsolicited messages, links, or self-proclaimed advisors
By - Newsmeter Network
Representational Image
Hyderabad: A 75-year-old Hyderabad resident lost a staggering Rs 1.68 crore to online fraudsters who posed as financial advisors and lured him into investing on a fake trading website under the pretext of recovering his past market losses.
Approached via social media
Police said the victim was contacted by individuals claiming to be professional financial analysts through a social media platform. Gaining his trust, they promised to help him recover losses incurred in previous stock market investments.
Investment through fake portal
The fraudsters directed the elderly man to register on a fraudulent website — https://pc.marketaxesz.vip. Convinced by their claims, he invested Rs 54.8 lakh between March 6 and June 6, 2025. To build further credibility, the online portal displayed fake profits amounting to Rs 1.38 crore, giving the impression of successful trades.
‘Tax’ demand exposes the fraud
When the victim attempted to withdraw his so-called profits, the fraudsters demanded Rs 25.2 lakh as “tax” and additional sums under various pretexts.
It was only after repeated demands for payment that the victim realized he had been cheated, with total losses mounting to Rs 1.68 crore. He subsequently lodged a complaint with the Cybercrime police, who have initiated an investigation.
Commissioner cautions senior citizens
Hyderabad Commissioner of Police V.C. Sajjanar urged senior citizens to remain vigilant against such scams. “Fraudsters are increasingly targeting the elderly through social media, offering fake financial advice and false promises to recover old market losses,” he said.
He warned people not to trust unsolicited messages, links, or self-proclaimed advisors.
Report cyber fraud immediately
Police have appealed to citizens to report any online fraud immediately by calling the helpline 1930 or visiting www.cybercrime.gov.in. Authorities also emphasized the need for families to educate and safeguard elderly members from falling prey to such online predators.
