How Did Two Individuals in Hyderabad Lose Over Rs 50 Lakh to Trading and Investment Fraud?
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Synopsis
In a shocking turn of events, two individuals in Hyderabad were deceived in separate trading and investment fraud cases, losing over Rs 50 lakh combined. This article delves into the details of their experiences and offers crucial advice to protect yourself from such scams.
Key Takeaways
- Stay informed about the latest fraud tactics.
- Verify investment platforms thoroughly before investing.
- Be cautious of unsolicited offers on social media.
- Report any suspicious activities immediately.
- Educate yourself on financial literacy.
Hyderabad, Oct 5 (NationPress) Two individuals fell victim to trading and online investment fraud, losing over Rs 50 lakh in two separate incidents in Hyderabad, as reported by the police on Sunday.
In the case of online gold stocks trading fraud, one victim was deceived out of Rs 6.32 lakh, while another lost Rs 43 lakh in an investment scam.
A 57-year-old man from Himayathnagar was duped by a fraudulent trading platform named NFM Capital Markets, communicated to him by an agent named Amrutha Reddy through Facebook and WhatsApp.
She persuaded him to invest in 'US Gold Stocks' with a counterfeit trading dashboard displaying fictitious profits.
The victim made transactions amounting to Rs 6,32,000 via Google Pay and SBI YONO, under the illusion that a fake wallet balance of $38,694.94 was legitimate.
Subsequently, the fraudsters requested additional funds for 'taxes' and 'withdrawal charges', even issuing threats of legal action.
Realizing it was a scam when asked for another Rs 8 lakh, the victim reported the incident through the 1930 Cyber Helpline, which led to partial recovery of funds.
In a separate instance, a 63-year-old investor received a WhatsApp message from 'AXIS Security', purportedly linked to Axis Bank, promoting IPO allotments and trading opportunities.
Believing it to be authentic, he invested over Rs 43,00,000 from July 12 to early August 2025.
The fraudsters frequently displayed fake dashboards showing profits and enticing share allotments, claiming the trades were under the Qualified Institutional Placement (QIP) quota.
They allocated more shares than he was entitled to, labeling the excess as a 'non-interest loan' and pressured him for repayment while threatening to freeze his account.
Upon discovering that AXIS Security was a scam, the victim filed a complaint.
The Cyber Crime Police have urged the public to stay alert against deceptive online investment and trading platforms that are actively misleading citizens via WhatsApp, Telegram, Facebook, Instagram, and X.
Fraudsters create fraudulent trading websites, applications, and dashboards that display false profits to build trust and entice victims to deposit larger sums.
They later obstruct withdrawals under various pretexts like 'tax payments', 'compliance verification', or 'conversion charges'.
Once they amass significant amounts, they either vanish or threaten victims with fabricated legal actions, stated Police Commissioner V.C. Sajjanar.
Point of View
It is imperative to emphasize the urgency for citizens to remain vigilant against the growing threat of online investment fraud. The alarming incidents in Hyderabad highlight the need for increased awareness and proactive measures to protect oneself from such scams. We stand firm in our commitment to inform and educate the public, fostering a safer digital environment.
NationPress
06/10/2025
Frequently Asked Questions
What should I do if I suspect an online investment scam?
If you suspect an online investment scam, immediately cease all communications with the suspect, do not send any more money, and report the incident to your local cybercrime unit or helpline.
How can I identify a fraudulent trading platform?
Look for warning signs like unrealistic profit promises, lack of regulatory compliance, poor website design, and unsolicited contact through social media or messaging apps.
Are there any safe investment platforms?
Yes, always use regulated platforms with positive reviews, verify their licensing with financial authorities, and consult with a financial advisor before investing.
What are the common tactics used by fraudsters?
Fraudsters often use social engineering, fake testimonials, pressure tactics, and create a sense of urgency to trick victims into investing money.
How can I protect my investments online?
To protect your investments, use strong passwords, enable two-factor authentication, regularly monitor your accounts, and stay informed about common scams.
