Hyderabad man loses Rs. 12.5 lakh in online trading scam
Hyderabad: A 39-year-old private employee from Hyderabad became the latest victim of cyber fraud and lost ₹12,59,288. The man was lured by a Facebook advertisement claiming to help individuals develop trading skills through “Online Trading with SMC Global Securities Ltd.”
After filling out an information form on the advertisement, the victim was contacted by scammers who persuaded him to join their online trading platform. Despite informing the scammers that he had no prior knowledge of trading, the fraudsters reassured him by assigning a fake HR representative, who promised assistance in investing in the Indian stock market through an “SMC Global Securities Ltd Institutional account.”
The victim was convinced to proceed, and the scammers created an account under his wife’s name to allow him to begin investing. They assured him that they would manage his funds and promised substantial profits. Following their advice, the victim made initial deposits into the trading app. To further gain his trust, the scammers manipulated the app to show fake profits, encouraging him to invest even more.
The fraudsters continued to assure the victim that he would eventually receive a large payout. However, when the victim attempted to withdraw his money, he could not do so. The scammers refused to process his withdrawal requests and denied any refund. It was only then that the victim realized he had been scammed and lost ₹12,59,288.
Public Advisory:
Fraudsters often target unsuspecting individuals through social media ads, promising high returns with little to no risk. If you’re considering online trading, be cautious of platforms or individuals offering “guaranteed profits” or “double your money” schemes.
Verify the legitimacy of any trading platform before investing. Always ensure the platform is registered with the relevant financial authorities, such as SEBI. Never share sensitive information like bank details, passwords, or OTPs with unverified contacts.
If you’re new to trading, consult with certified financial advisors or trusted institutions. Avoid clicking on suspicious links or downloading unverified apps.
In case you fall victim to cybercrime, report the incident immediately by calling 1930 or visiting cybercrime.gov.in. For emergencies, contact the cybercrime helpline at 8712665171.
