Hyderabad: A 68-year-old pensioner from Secunderabad lost Rs 61.95 lakh after falling victim to an online trading scam. The victim has lodged a complaint with the Hyderabad city cyber crime unit.
According to the complaint, the ordeal began on March 27 when he made an initial investment of Rs 21,000 on a trading platform. In the following weeks, a scammer posing as a trading advisor began coaching him in international stock markets and persistently pushed him to invest larger amounts, citing margin requirements and the risk of fund losses.
Despite his repeated pleas to exit the scheme and requests to withdraw his funds, the scammer refused and manipulated him into investing more with promises of doubling the amount and withdrawing later. His online account dashboard falsely showed profits of around $ 75,000, adding to the deception.
While the victim was recently out of town, the scammer began pressuring him over phone calls to transfer Rs 10 lakh to maintain the margin urgently. A second person joined the call and escalated the pressure. When the victim refused and disconnected, another scammer contacted him with false promises of recovering the funds but again demanded payment. In severe financial distress, the victim stopped responding to the calls and approached cyber crime officials, who have launched an investigation into the case.
Police have urged citizens to use only SEBI-approved platforms and consult SEBI-registered advisers before making any investments. In case of online fraud, dial 1930 or visit cybercrime.gov.in. For immediate assistance, contact 8712665171.
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