Hyderabad Cybercrime: ₹7 Crore Scam by Fake Stock Traders Targeting Businessmen & Retirees
Stock Traders Posing as Experts Cheat Businessmen and Professionals Out of Millions in Hyderabad
In a significant case of cyber-enabled investment scams, two individuals in Hyderabad fell victim to scammers who posed as expert stock traders, cheating them out of nearly ₹7 crore.
The Modus Operandi
The scammers approached potential victims, portraying themselves as professional stock traders who could offer high returns through online investment platforms.
A 62-year-old businessman from the ECIL area lost around ₹3.87 crore after investing in what appeared to be a legitimate trading setup.
Similarly, a retired professor from Hyderabad Central University was also targeted, contributing to the total loss of approximately ₹7 crore.
Victims were initially encouraged to invest small amounts and were shown artificial profits to gain their confidence.
However, once trust was established, the scammers pushed victims to invest larger sums.
When victims attempted to withdraw substantial amounts, they were either denied access or asked to pay additional charges, effectively trapping their funds.
Investigations Suggest a Larger Network
Investigations suggest that the operation is part of a larger, organized cyber fraud network.
The use of multiple accounts, fake identities, and digital platforms indicates a coordinated effort designed to exploit investors seeking quick returns.
Financial transactions and digital communication channels are being traced to identify other members of the network and possible interstate or international links.
Prevalence of Online Trading Frauds in India
This case highlights the growing prevalence of online trading frauds in India, particularly in metropolitan cities like Hyderabad.
Cybercriminals are increasingly using sophisticated techniques, including fake apps, groups, and impersonation of financial experts, to deceive victims.
Law enforcement agencies have repeatedly warned the public against investment schemes promising guaranteed or unusually high returns, urging individuals to verify platforms before transferring funds.