A 34-year-old private doctor from Kothapet in Hyderabad allegedly lost over Rs 1.49 crore after being lured into a fake stock market trading platform. The Malkajgiri cybercrime police have registered a case based on the victim’s complaint and launched an investigation.
How the Fraudsters Approached the Victim
According to the complaint, the doctor joined a Telegram group named “CA Manish” on May 4, which provided stock trading tips and investment opportunities. Subsequently, he was contacted on WhatsApp by several individuals claiming to be investment professionals associated with a trading group and promoting a scheme linked to an international bank.
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Modus Operandi of the Cyber Trading Fraud
The accused persuaded the victim to download a trading platform from a shared website link and added him to an investment group focused on stock and IPO recommendations. Between May 4 and June 29, the doctor completed 59 transactions, transferring a total of Rs 1,49,33,593 to multiple bank accounts associated with the fraudulent scheme, receiving only around Rs 1 lakh in return.
Discovery of the Scam and Police Action
The fraudulent platform displayed fictitious gains, showing the victim’s portfolio had grown to approximately Rs 4.6 crore. However, when he attempted to withdraw his funds, the operators demanded additional payments under the pretext that his credit score had fallen. Realising he was cheated, the doctor reported the incident to the National Cyber Crime Reporting Portal and filed a complaint with the Malkajgiri cybercrime police, who registered a case under relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act.
Protecting Yourself Against Online Investment Scams
Always verify financial advisors and platforms with regulatory bodies like SEBI before transferring funds. Avoid downloading trading apps from links sent via Telegram or WhatsApp, and never trust platforms promising guaranteed high returns.
If a portal demands extra money or “credit score fees” to release your earnings, stop all transactions immediately. Report suspicious activity to the National Cyber Crime Portal (1930) or local police.
