Hyderabad man loses Rs. 9.5 lakhs to Instagram gold trading ad scam

Hyderabad: A 38-year-old male private employee from Hyderabad fell victim to a cybercrime scam, losing Rs. 9,56,167 (nine lakh fifty-six thousand one hundred sixty-seven only) after responding to an advertisement for gold share trading on Instagram.

According to cybercrime police, the victim clicked on a provided link and was added to a WhatsApp group. After observing the group for a month, he made his first investment. The scammers guided him through the trading process, leading him to log in by providing his mobile number, name, and bank details.

Initially, the victim enjoyed success, earning profits and withdrawing some money. This prompted him to invest larger sums, spurred on by the scammers, who claimed he could trade without limits due to favourable market conditions.

He joined a WhatsApp group titled “A07-Rogers Premium VIP Stock Sharing Club,” with around 60 members. After a few weeks, the victim saw substantial profits in his Dot Gold trading account. However, when he attempted to withdraw his funds, he encountered obstacles. The scammers insisted that he pay 40% of the trading amount before he could access his money. Trusting them, he complied and was able to withdraw some funds.

Encouraged by this experience, the victim continued to invest, only to find himself unable to withdraw again. The scammers claimed he needed to pay an additional 40% commission, along with central tax and capital gains tax before he could withdraw his remaining funds.

Growing suspicious after paying massive amounts, the victim halted trading, losing a total of ₹9,56,167. He has since lodged an online complaint seeking help from police.

Public Advisory:

Fraudsters often target victims through various social media platforms, including Telegram, WhatsApp, X, Instagram, and Facebook, by promoting fake investment apps and websites. These schemes are fraudulent and lack endorsement from the Securities and Exchange Board of India (SEBI).

Always consult a SEBI-registered financial advisor before making any investments. Be wary of promises of high returns and fake profit screenshots. Scammers typically credit a small amount to gain victims’ confidence before executing larger scams.

If you suspect you have fallen victim to cybercrime, immediately call 1930 or visit cybercrime.gov.in. In case of emergencies related to cybercrime fraud, please contact or WhatsApp at 8712665171.