Hyderabad: A 69-year-old businessman from Hyderabad fell victim to a stock market investment scam, losing Rs 35.36 lakh to cyber fraudsters.
According to the police, the scam began when the victim received a WhatsApp message inviting him to join a group called “B-9 HDFC Securities” which had 159 members.
Three days after joining the group, the victim was asked to fill out an account application form to start trading.
He was then provided with a website link to begin investing in bulk stocks. As the victim made more transactions, his profits were displayed on the fraudulent trading app’s dashboard, luring him to invest more.
However, when the victim tried to withdraw his money, the scammers demanded a 30% commission on both the principal amount and the profit.
Realizing he had been duped, the victim filed a complaint with the Hyderabad Cyber Crimes police. A case has been registered on the matter and further investigation is ongoing.
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