Hyderabad man loses ₹10 lakh in forex scam
HYDERABAD: A man from Karmanghat alleged he lost ₹10 lakh in an online fraud after being lured into a fake forex trading scheme.
Woman befriends victim on Facebook, builds trust
According to the complaint filed at the cyber crime police station in Narayanguda, the victim received a friend request on Facebook from a woman identifying herself as Vaishnavi Reddy. She later contacted him on WhatsApp and gained his trust through frequent conversations.
Fake trading app shows profits, blocks withdrawals
After gaining his confidence, she persuaded him to invest in forex trading, promising high returns. She asked him to download a mobile application named “Century Financial” and deposit money.
Initially, the app displayed small profits and allowed a withdrawal of ₹4,330. Encouraged by this, the victim invested ₹10 lakh in instalments. The app later showed that his investment had doubled.
However, when he attempted to withdraw the amount, he was denied access and was asked to deposit more money. Realising he had been cheated, the victim approached the police.
