Telangana Man Loses ₹36 Lakh in Online Stock Trading Scam
A 35-year-old man from Nagole, Telangana, has lost ₹36.3 lakh in a major online trading fraud. The victim reported that he invested over ₹36.35 lakh across 12 transactions but received only ₹5,000 back.
How the WhatsApp Trading Scam Started
According to a report by the Deccan Chronicle, the scam began when the victim was invited to join a WhatsApp group called ‘Barclays.’ The scammers pretended to be representatives of the Barclays International Group to gain his trust.
The man joined the group on January 30 while looking for investment opportunities. To appear legitimate, the group administrators shared trading tips, screenshots of supposed market profits, and fake SEBI registration certificates.
Soon after, a woman calling herself ‘Sanya Joshi’ contacted him. She claimed to be an official trader and communicated using several different mobile numbers.
The Fake Investment Platform
Joshi convinced the victim to register on a specific trading website. He initially invested ₹50,000, and the platform showed that he was making a profit. Encouraged by these fake results, the scammers persuaded him to invest more money into various stocks and Initial Public Offerings (IPOs).
The ‘₹7 Crore Profit’ Trap
Within a week, the man’s account on the website showed a massive profit of approximately ₹7 crore. However, the situation changed when he tried to withdraw his money. The scammers told him he had to pay a 2% “processing fee” on his total profits before he could access his funds.
Realizing he had been tricked, the victim approached the police. He explained that out of the ₹36,35,010 he invested, the scammers took ₹36,30,010. The Malkajgiri Cyber Crime Police have registered a case and are currently investigating.
Hyderabad Police Warn Against Cyber Fraud
Following several similar incidents, the Hyderabad Police have warned citizens to be careful with online platforms. Hyderabad Commissioner of Police, VC Sajjanar, noted that fraudsters are now using advanced techniques to trick users.
Key Warnings from the Police:
- Don’t Trust Search Rankings Alone: Scammers use paid ads and SEO to make fake websites appear at the top of search results.
- Impersonation: Fake sites often look exactly like government portals, banks, or famous brands.
- Phishing Risks: Users searching for customer care numbers or official links often end up on phishing sites that steal personal data and money.
How to Stay Safe: Police advise users to always double-check a website’s URL before entering personal or financial details. High visibility or “Sponsored” labels on search engines do not guarantee that a website is legitimate.
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