Inside Hyderabad’s investment scams: How Telegram and WhatsApp scammers are targeting investors
Hyderabad: Next time you receive a message on messaging apps or are added to a social media group, be cautious. You could be targeted by trading scams promising high returns on investments but instead trap victims into losing their hard-earned money. In 2024, revealing the statistics related to Trading Fraud, C.V. Anand stated 579 cases registered and amount lost is whopping Rs 141.19 crores emerging as a costliest cyber crime in Hyderabad commissionerate limits.
Fake VIP memberships and Trading accounts
In one such case, a research analyst from Abids was approached on Telegram by a channel named “Digit Trade (VIP Member),” which shared YouTube links and encouraged him to subscribe. Initially, he was paid Rs 23 for completing a small task. The scammers then offered a VIP membership, claiming it would yield Rs 100 in returns.
After enrolling, the victim was assigned tasks labeled A, B, C, D and E. For Task A, he paid Rs 1,000 and was credited Rs 1,300. Trusting the process, he proceeded to Task B, paying Rs 3,000 and receiving Rs 3,900 in return. However, to withdraw this amount, he was asked to pay an additional Rs 1,500. After complying, he received a total of Rs 6,150 in his account.
Encouraged, he chose Task C, requiring a payment of Rs 7,000. After completing it, the scammers claimed a “system-generated extra task” necessitated a Rs 41,000 recharge. After paying this, he was informed of another “additional task” requiring Rs 1,20,000 to unlock his earnings. Despite financial constraints, the victim made incremental payments to reach this sum, only to be informed of a late payment penalty of Rs 66,000 had to be cleared.
The victim complied yet again, transferring the amount through multiple UPI IDs and bank accounts provided by the fraudsters. After completing these payments, he was told that another system-generated task required Rs 3,50,000. Unable to afford this, he paid Rs 40,000 and began to suspect foul play, ceasing further payments. In total, he had lost Rs 2,79,500.
When victims attempt to withdraw their funds, such platforms often cancel their requests, refuse to credit accounts, and stop responding to messages. After realizing that he became a victim of trading fraud, he approached Hyderabad Cyber Crime Police and lodged a complaint.
In another case, a private employee from Darushifa was added to a WhatsApp group called “(8012) Fidelity International Wealth Center.” Over several days, the scammers convinced him to trade in stocks, showcasing fake profit screenshots shared by other group members. Intrigued, the victim opened an equity trading account under their guidance.
The fraudsters promised 10X returns and discounted prices. Then, they directed him to deposit funds via websites like [www.vipeliteaccess.com] and [www.vipeliteaccess.cc]. After transferring substantial amounts, the victim was coerced to send additional funds. When he refused, they threatened to blacklist him and block his account, withholding his investments.
Immediate intervention saves Rs 50 lakh
On December 16, 2024, a 53-year-old businessman from Hyderabad contacted the Cyber Crime Unit. He reported receiving a WhatsApp message promoting trading on the PML Pro App.The victim downloaded the app and contacted its customer service team, who advised him to deposit money for investment in IPO allotments. Subsequently, the app blocked his withdrawal requests and demanded more funds. After transferring Rs 1.31 crore in multiple transactions, the victim couldn’t withdraw his funds.
The Cyber Crime Unit escalated the case, freezing four transactions worth Rs 50.87 lakh with UCO Bank. “The matter was escalated to the victim’s bank for investigation. Upon follow-up, four transactions totaling Rs 50,87,500 (Rupees Fifty lakh eighty-seven thousand five hundred only) with UCO Bank, categorized under Layer 1, were successfully put on hold,” said Hyderabad police in a statement.
Police Advisory
Beware! Fake investment social media groups on Telegram, WhatsApp, X, Instagram, and Facebook are popping up everywhere promising high returns with little risk. Don’t believe promises of huge returns and fake profit screenshots.
Scammers often use fake trading apps to promise large profits, share fake profit screenshots, and create fake social media profiles. They invite victims, build trust, share fabricated success stories, and promise high returns. Sometimes, they credit a small amount to the victim’s account to gain confidence before cheating them.
“Don’t fall for these scams! Always use SEBI approved apps for investment. Invest only through trustworthy financial platforms or institutions. Consult a SEBI-registered financial advisor before investing. Report fraud immediately to increase the chances of recovering your money,” said Hyderabad Police.
There is a possibility to get a refund of at least part of the lost and PUT ON HOLD amount, if it is reported immediately. Victims of such cyber frauds *call immediately on 1930 or report www.cybercrime.gov.in.
