Man loses Rs 12.5 lakh in Hyderabad 'stock trading scam'

A man was duped of Rs 12.5 lakh in a cyber fraud in Hyderabad on Monday, September 29. He had invested the money in an online stock trading scam.

According to cybercrime police, the victim, a resident of Begum Bazaar clicked on an ad that redirected him to a WhatsApp group where fraudsters posed as stock trading experts and shared buy-sell tips. The fraudsters



convinced the victim to invest through an app that falsely displayed rising profits, prompting repeated transfer.

Later, a balance of Rs 46,89,375 appeared as frozen funds. When the victim refused to pay another Rs 7.6 lakh demanded for release, the scammers threatened to forfeit his money. Realising the fraud, he stopped further transfers, having already lost Rs 12,56,900.