Crime Hyderabad

Hyderabad businessman loses Rs8.9 lakhs in fake forex trading scam

Hyderabad Forex Trading Scam

Hyderabad: A 41-year-old businessman in Hyderabad fell victim to a cyber financial fraud involving fake forex trading. The Cybercrime police are investigating the case after the victim reported losing ₹8.9 lakhs (Eight lakhs ninety thousand rupees).

According to the police, the victim received a WhatsApp message from individuals claiming to be representatives of XTB Traders and XTB Forex Trading Company. These companies are fictitious entities designed to lure unsuspecting victims. The scammers promised high returns through forex trading and created a fake trading account for the businessman. They then added him to a Telegram group named “XTB Forex Trading.”

To gain his trust, the scammers deposited ₹1 lakh into the victim’s account supposedly as a “benefit of joining.” They then allowed the victim to trade this initial amount and, conveniently, generated a small profit. This tactic is a classic confidence trick used to make the scam appear legitimate.

The fraudsters then encouraged the victim to invest his own money, promising further profits. Initially, they guided him towards seemingly successful trades, further solidifying their charade. However, as the victim deposited more funds based on their instructions, the scammers manipulated the fake trading platform to deplete his account entirely. The victim was ultimately blocked from all communication channels with the scammers, including his XTB and Telegram accounts.

The Cybercrime police issued a public advisory to warn citizens about such online scams. Here are some key points to remember:

• Fraudsters often operate via social media platforms like Telegram, WhatsApp, Instagram, and Facebook.

• They advertise fake trading apps and websites, promising high returns with no regulatory oversight from SEBI (Securities and Exchange Board of India).

• They lure victims with simple tactics like fake profit screenshots and initial small “gains” within the fabricated platform.

• Never trust promises of unrealistic returns.

If you suspect you are a victim of cyber financial fraud, act immediately. Here’s how to report the crime:

• Dial the National Cyber Crime Helpline number: 1930

• Visit the official cybercrime portal:

https://cybercrime.gov.in/