SECUNDERABAD: A 47-year-old Secunderabad resident lost over ₹24 lakh to fraudsters who lured him into a fake gold trading scheme through a mobile app promising high returns.
Fraud began with a WhatsApp message
A 47-year-old man from Secunderabad has been duped of ₹24.44 lakh in an elaborate online trading scam that ran for nearly a year. According to Hyderabad police, the fraud began on December 13, 2024, when the victim received a WhatsApp message from an unknown number. The sender, identifying herself as “Sharanya,” gradually gained his trust and persuaded him to invest in a gold trading platform called KDEOne Gold.
Fake profits to build credibility
The accused created a login for the victim and allowed small withdrawals at first, giving an impression of legitimacy. Encouraged by the apparent returns, the victim began investing larger sums. The trading app displayed a profit balance of ₹39 lakh, convincing him that his investments were growing. However, when he attempted to withdraw the full amount, the withdrawal feature was disabled.
Additional ‘tax’ demands and realisation of fraud
Soon after, the fraudsters demanded extra payments, claiming the funds could only be released after paying “taxation” and “conversion charges.” Believing these to be genuine charges, the victim continued sending money until he realised the app was fake and that his funds were unrecoverable. In total, he transferred ₹24,44,152 before reporting the matter to authorities.
Police register case under cybercrime
Following his complaint, the Hyderabad Cyber Crimes Wing registered a case and began an investigation. Police officials reiterated that such scams typically involve scammers who use initial small payouts to create a false sense of trust before locking investors out of their accounts.
Public advised to exercise caution
Police have once again urged citizens to avoid investing through unverified mobile applications or responding to unsolicited messages on WhatsApp or social media platforms.
“Fraudsters lure victims with promises of high returns and use psychological manipulation to gain their trust,” officials warned.
Helplines for reporting cyber fraud
Authorities advised victims of online fraud to report incidents immediately by dialling 1930 or visiting www.cybercrime.gov.in. In Hyderabad, cybercrime victims can also contact the Cybercrime Police Station through phone or WhatsApp at 8712665171 for prompt assistance.
