Hyderabad man loses Rs. 7.8 lakh in fake stock market app scam
Hyderabad: A 40-year-old male private employee in Hyderabad fell victim to a cyber fraud scheme involving a fake stock market app, losing Rs. 7,89,000 (seven lakh eighty-nine thousand only).
According to the Cybercrime police, the victim received a WhatsApp message promoting a stock market opportunity. He expressed interest, and the fraudster explained two investment options: block trading and initial public offerings (IPOs).
Lured by the prospect of online trading, the victim agreed. The scammers then added him to a WhatsApp group named “Motilal Oswal Strategy Group M30” with 85 members. They sent him an app link, instructing him to download it and link his Axis Bank account.
The scammers further deceived the victim by sending daily transaction details through both the WhatsApp group and private messages. Trusting the information, the victim initially invested a small amount in stocks recommended by the scammers and other group members. He even managed to withdraw a profit, boosting his confidence in the app.
The victim further invested in block trading and IPOs. He purchased shares in GP Eco Solutions India Limited, Chivalric Power Control, Vilas Tran score, TBI Corn Limited, Kronox Lab Sciences, and Satiric Information Security. These investments also reflected profits within the app’s wallet.
However, the scam escalated when the scammers forced the victim to invest in a Nephro Care India IPO. While the victim agreed, he was unaware that the app had automatically subscribed him for 1,95,000 shares, a sum far exceeding his available funds.
When the victim questioned the unauthorized transaction, the scammers dismissively claimed it was a system function. They pressured him to arrange the deficit amount, threatening to withhold his previous investments of Rs. 7,89,000 (seven lakh eighty-nine thousand only) if he failed to comply. The victim approached the Cybercrime police, seeking action against the perpetrators.
Cybercrime officials continue to investigate the incident, and the public and victims of online fraud are encouraged to report promptly to the Cyber Crime Helpline at 1930 or visit cybercrime.gov.in for assistance.
