Hyderabad businessman loses Rs. 1.3 crore in PML Pro scam; Rs. 50.8L recovered
Hyderabad: The cybercrime unit of Hyderabad city successfully saved ₹50.87 lakhs in fraudulent transactions after a businessman fell victim to a scam involving a fake trading app.
On December 16, 2024, a 53-year-old businessman approached the Cyber Crime Unit after receiving a WhatsApp message promoting investments through the PML Pro app. After downloading the app, the victim contacted customer service, which advised him to deposit funds for IPO allotments. However, after depositing money, the app blocked his withdrawal requests and demanded additional funds.
The victim transferred a total of ₹1,31,48,500 (Rupees One crore thirty-one lakh forty-eight thousand five hundred) across multiple transactions before realising he had been scammed.
An entry was made in the National Cybercrime Reporting Portal (NCRP), and the case was escalated to the victim’s bank for further investigation. Four transactions totaling ₹50,87,500 (Rupees Fifty lakh eighty-seven thousand five hundred) were successfully put on hold with UCO Bank after follow-up actions by the Cyber Crime Unit.
The Commissioner of Police, Hyderabad City, commended the Cyber Crime Unit for its quick response in preventing further loss.
Public Advisory:
The Deputy Commissioner of Police, Cyber Crime Unit, Hyderabad City, issued a public advisory, urging caution regarding unsolicited investment offers.
The advisory warned against making investments based on unsolicited messages or social media posts, as they may be fraudulent. Scammers often use fake trading apps, promising large profits and sharing fake success stories to lure victims. They may also credit a small amount to the victim’s account to gain trust before requesting larger sums.
The advisory highlighted downloading apps only from trusted sources and avoiding links received through social media or SMS. It also advised against sharing sensitive information, such as bank details, passwords, OTPs, or card details, with strangers.
Investors were encouraged to consult SEBI-registered financial advisors before making any investments. Reporting cyber fraud immediately increases the chances of recovering lost funds. Victims were advised to call the cybercrime helpline at 1930 or visit www.cybercrime.gov.in to report such incidents.
