Hyderabad: A 63-year-old retired junior lecturer from Kranthinagar Colony, Hyderabad, lost over ₹18 lakh in an elaborate online stock trading scam after being added to a fake WhatsApp investment group. The scam, which began in May, was run through a bogus app and involved fraudsters impersonating financial advisors.
Victim Lured by Fake Profits and Investment Tips
The victim reported that a woman identifying herself as Aaradhya Mishra contacted him via WhatsApp and added him to a group managed by a so-called trading expert named Pankaj Walia. The group posed as representatives of a legitimate investment firm, sharing fake profit screenshots and daily stock tips to build credibility.
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The fraudsters convinced the victim to fill out a Google form and download a mobile trading app that appeared professional and functional.
₹18 Lakh Lost in Multiple Deposits with Fictitious Profits Displayed
Initially, the victim invested ₹25,005 and saw an apparent return of 11.52% displayed in the app. Encouraged by these fake returns, he made four more deposits totaling ₹18.17 lakh. The fraudulent app even showed fictitious profits of ₹2.4 crore.
However, when the victim tried to withdraw ₹25 lakh, the app demanded a 10% service charge and subsequently blocked his access, freezing his account.
Cyber Crime Police Launch Investigation; Public Cautioned
Realizing he had been defrauded, the victim filed a complaint with the Rachakonda cyber crime wing. Police officials have confirmed that a full investigation is underway.
A cyber crime officer said:
“These fraudsters operate in professional-looking WhatsApp groups, using fake apps and fabricated profit statements. We urge citizens not to trust unsolicited investment offers or download unknown trading applications.”
How to Stay Safe from Online Investment Scams
- Never invest based on advice from unknown WhatsApp or Telegram groups.
- Avoid downloading financial apps shared through unofficial links.
- Verify the legitimacy of trading firms through government-authorized portals.
- Be cautious of schemes promising unusually high returns in short periods.
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