New Delhi: A 63-year-old retired employee from Hyderabad has allegedly been defrauded of ₹7.84 million in an online stock investment scam after cyber fraudsters lured him into a fake high-return investment scheme through WhatsApp and a fraudulent trading application.
According to police, the victim, a resident of Kanajiguda in Secunderabad, was contacted on May 1 through a WhatsApp voice call by a woman who introduced herself as the personal assistant to the Chief Executive Officer (CEO) of a Mumbai-based private stock trading company. She allegedly invited him to participate in an exclusive investment programme designed for high-net-worth investors.
Investigators said the fraudsters enticed the victim with promises of access to block deals, discounted Initial Public Offerings (IPOs), and select high-performing stocks offering substantial returns. He was subsequently added to multiple WhatsApp groups where fake profit screenshots and fabricated withdrawal proofs were regularly circulated to make the investment scheme appear genuine.
The victim told police that, following the fraudsters’ instructions, he downloaded a trading application through a link they provided. To build confidence, the scammers initially allowed him to withdraw ₹1,000 successfully. Believing the platform to be legitimate, he continued transferring larger amounts of money to multiple bank accounts specified through the application.
According to the investigation, the application later displayed virtual profits of nearly ₹30 million. However, when the victim attempted to withdraw the amount, the fraudsters allegedly demanded a 15% processing fee before releasing the funds. When he tried to contact the so-called company representatives, he found that they were no longer reachable, leading him to realise that he had been defrauded.
The victim subsequently lodged a complaint with the Malkajgiri Police, alleging that he had been cheated of ₹7.84 million between May 19 and July 7. Based on the complaint, the Malkajgiri Cyber Crime Police Station registered a case under the relevant provisions of the Bharatiya Nyaya Sanhita (BNS), 2023, and the Information Technology Act, 2000.
Investigators are examining the beneficiary bank accounts, fund trail, mobile numbers, WhatsApp groups, and the fake trading application to identify those responsible. Police are also investigating whether the fraud was carried out by an organised interstate or international cybercrime syndicate.
Cybercrime expert and former IPS officer Prof. Triveni Singh said that fraudsters involved in online investment scams often gain victims’ confidence by allowing small withdrawals before persuading them to invest significantly larger sums. He advised investors to independently verify the regulatory status, company registration, and authenticity of any investment platform before investing. He further cautioned that any organisation promising unusually high or guaranteed returns, or demanding additional fees to release invested funds, should be treated as a potential cyber fraud, and the transaction should be stopped immediately while informing the relevant authorities.
