Man Loses Rs 14.34 Lakh in Kanchanbagh 'Online Trading Scam'

A 27-year-old person from Kanchanbagh in Hyderabad lost Rs.14.34 lakh in an online trading scam. 

The fraudsters contacted him on WhatsApp and lured him into using a fake online trading platform named FYERS-DMA, falsely posing as an official service of a securities firm. 

The platform initially appeared genuine and even allowed two profit withdrawals of Rs.3.60 lakh to gain the victim’s trust.

Believing it to be legitimate, the victim gradually invested a total of Rs.17.94 lakh into various accounts



provided by the handlers. 

However, when he later attempted to withdraw his funds, the platform blocked all requests and stopped responding. 

The fraudsters further tried to deceive him by showing fake profits and demanding repayment of a fabricated Rs.15 lakh loan before releasing his funds. 

After verifying with the official securities firm team, the victim learned that the platform and the loan facility were entirely fake and filed a complaint. The total amount lost by the victim was Rs.14.34 lakh.