Fake trading app traps Hyderabad man in Rs. 8 lakh investment scam
Hyderabad: A 34-year-old private employee from Hyderabad became the victim of a cyber fraud, losing a significant sum of money amounting to approximately Rs. 8 lakhs.
The Cybercrime police reported that the victim was lured in after encountering a trading advertisement while browsing Facebook. Intrigued, he contacted individuals claiming to represent Flers Securities Pvt Ltd, operating under the group name Ever Core. Through convincing promises, the scammers convinced the victim to join their WhatsApp group. Trusting the perpetrators, the victim sent them copies of his Aadhar card, PAN card, bank account number, and even his ATM card number via WhatsApp.
Taking advantage of the victim’s trust, the scammers created an account for him on their likely fraudulent application and instructed him to download the FYSLTD app from the Play Store. The WhatsApp group was further divided into three subgroups:
1. VIP Consultation Service-34
2. S-102 FYERS Customer Service
3. Ever Core Pull Up Stock and Pulling Group
The scammers then began notifying all group members about daily purchases. The victim, initially investing Rs. 40,000, was enticed to gradually increase his investments to a total of Rs. 8,99,000 (eight lakh ninety-nine thousand). In a manipulative tactic, the scammers allowed him to successfully withdraw Rs. 86,041, creating a false sense of security and prompting further investment.
To conceal their fraudulent activities, the scammers provided various company account details for remittances, claiming these multiple accounts were necessary to handle a high volume of investors and prioritize “important customers” like the victim.
The scam escalated when the scammers persuaded the victim to invest in an IPO. However, after the IPO’s listing, when the victim attempted to withdraw his profits, the scammers demanded an even larger investment before allowing any withdrawals.
Upon realizing his inability to withdraw his invested amount, the victim’s suspicion grew. He then attempted to contact other group members, only to discover that most accounts were fake and inaccessible. The victim has filed a complaint requesting appropriate action against the scammers.
Public Advisory
Cybercriminals frequently target unsuspecting individuals through social media platforms like Telegram, WhatsApp, Instagram, and Facebook by promoting fake trading apps and websites. These schemes are inherently fraudulent and lack any endorsement from SEBI, the regulatory body overseeing the Indian securities market. The scammers lure victims with the promise of high returns and manipulate them with fabricated profit screenshots. To gain the victim’s trust, they may initially credit a small amount into their account.
If you become a victim of cyber financial fraud, report the incident immediately by dialing the National Cyber Crime Helpline number 1930 or visiting the official website https://cybercrime.gov.in/. For emergencies related to cyber fraud, you can call or WhatsApp the number 8712665171.
