In a latest, a 40-year-old private employee from Hyderabad was conned of ₹8.17 lakh in an investment fraud.
The incident came into light when the victim’s friend, who he consulted for a loan, alerted him about fraudulent trading schemes run by scammers. An online cybercrime complaint was lodged by the man immediately.
According to the victim, who did not wish to be named, it started with him receiving calls in which the scammers encouraged him to engage in trading. He was added to some groups where they showcased profits supposedly earned by others and persuaded him to start with a small amount.
“Initially, the scammers transferred the profits immediately to gain his trust. Eventually, when the victim started investing larger amounts by taking bank loans and hand loans, the scammers manipulated the app from the backend, causing his trades to close in loss, even though they were in profit, calling it system’s automated process,” an official from the Hyderabad Cyber Crimes police said.
When the victim asked the scammers about his investment, they pressured him to transfer more funds and trade again to recover his losses.
A case has been booked and further investigation is underway.
