Hyderabad B-Tech Graduate loses Rs 11.46 lakh in fake stock trading App scam
HYDERABAD: A 25-year-old B-Tech graduate from Gachibowli lost Rs 11.46 lakh to an online investment scam. The scammers used a fake stock trading app that said it was linked with a SEBI-registered company.
The victim, who lives in Janardhana Hills, filed a police complaint on September 7. According to him, he got involved in the scam through a WhatsApp group called “Market Insights Community.” Specifically, a woman who said she was an equity analyst, Ananya Srinivasan, first contacted his father and then spoke to him.
Next, the fraudsters claimed that Exclusive Securities Limited gave high returns from bulk trading, Initial Public Offerings (IPOs), and Qualified Institutional Placements (QIPs). They told people the scheme was SEBI-approved and had Reserve Bank of India (RBI) permission to collect money, with easy withdrawals promised.
Between August 4 and August 19, the victim made six payments totaling Rs 11.69 lakh but received only Rs 23,389. As a result, he lost Rs 11.46 lakh overall. The scammers used a mobile app called “EXSECMAX,” which is now gone from the Apple App Store. At first, the app showed fake profits to gain trust. For instance, the victim was able to withdraw Rs 1,000 and Rs 22,389 to his HDFC Bank account as a test.
Automatic subscriptions without consent
Starting August 10, the victim saw that IPO investments were being made from his account without his permission. When he asked customer support, they said an “Automatic Subscription” feature was turned on, though he did not do it. Instead of helping, they blamed him for the problem.
Later, the scam got worse when the victim tried to take out the rest of his money. He was told to pay a 20% tax on his profits, so he paid Rs 1.34 lakh. However, the withdrawal stayed blocked. Then he was told the payment was not valid because it was too much, and he was asked to pay another Rs 1.34 lakh.
When the victim said he would only pay tax on the extra profit after seeing an Rs 8,000 increase, customer support refused and ended the chat. Meanwhile, another person, Rajesh Iyer, who said he was a professor giving market analysis, also did not help.
Ananya Srinivasan ran the group using several phone numbers, along with Exclusive Securities Limited customer support and Rajesh Iyer. The victim has asked police to take action against the people who ran the fake app and the WhatsApp numbers that caused him to lose Rs 11.46 lakh. Cyberabad Cyber crime police booked a case and further investigation is underway.
Accused is not available for his version. We will give their version once available.
