Hyderabad private employee loses Rs. 19.5 lakhs to fake investment scam
Hyderabad: A 40-year-old male private employee in Hyderabad fell victim to a cyber scam and lost Rs. 19,50,000 (Nineteen lakh fifty thousand rupees).
According to the Cybercrime police, the victim received a call from someone claiming to be a representative of Marwari Securities Financial Limited (MSFL). The caller provided a SEBI registration number (DP: IN-DF-476-2020), which the victim verified online and found to be legitimate. The caller, posing as an MSFL representative, presented the company as a trading account provider and added the victim to a WhatsApp group with approximately 140 members.
Further building trust, the fraudsters created an illusion of success by having other group members share screenshots depicting profitable trades. They also provided a fake or compromised website designed to lure victims.
Initially, the victim cautiously invested a smaller amount and, according to his statement, successfully withdrew a portion of it. He then invested a larger sum and even participated in a fraudulent IPO for a significant amount.
When the victim attempted to withdraw his profits, including the IPO gains, the scammers then demanded a hefty commission of 25% on the total invested amount, totaling Rs. 19,50,000 (Rupees Nineteen Lakh Fifty Thousand only), effectively blocking the withdrawal. Realizing he had been duped, the victim filed an online complaint with the Cybercrime police, seeking their assistance.
Public Advisory:
Fraudsters often target victims on social media platforms like Telegram, WhatsApp, Instagram, and Facebook by promoting fake trading apps and websites. These schemes are not endorsed by SEBI (Securities and Exchange Board of India) and are entirely fraudulent.
Abstain from trusting promises of high returns and fabricated profit screenshots. Scammers often credit small sums into victims’ accounts to gain their confidence.
If you suspect you are a victim of cyber financial fraud, report it immediately by calling the National Cyber Crime Helpline at 1930 or visiting cybercrime.gov.in. For emergencies, call or WhatsApp at 8712665171.
