Upstox impersonators defraud Hyderabad man of Rs 13 lakhs
Hyderabad: A 38-year-old government employee from Hyderabad has fallen victim to a cybercrime, losing Rs 13,07,000. The man was lured by an online advertisement promising 5-10% daily profits through AI-based stock market analysis.
According to the cybercrime police, the victim clicked on a link that led him to a fake WhatsApp account impersonating the Chief Investment Officer of Upstox. The scammer subsequently added the victim to a fraudulent Upstox group and claimed to be a SEBI-appointed representative participating in a global investment competition.
To gain the victim’s trust, the scammers shared fake stock recommendations that initially appeared profitable. They then convinced the victim to invest in an IPO through a fake trading platform, promising huge returns. After initial withdrawals, the scammers increased the IPO allotment and pressured the victim to arrange additional funds.
When the victim couldn’t provide the money, the scammers offered a fake loan and credited the victim’s account. However, they later demanded repayment of Rs 13,07,000, threatening to accumulate interest.
The individual later gained awareness about stock market operations, demat accounts, share allotment, deposit and withdrawal schedules, and IPO registrars as per SEBI guidelines and also acquired knowledge about the BSE and NSE. He realised that the website was not the authentic Upstox website and was not adhering to SEBI guidelines.
Upon realising the scam, the victim reported the incident to the police. The authorities are currently investigating the case.
Public Advisory:
The police have advised the public to be cautious about how fraudsters approach victims through various online social media platforms such as Telegram, WhatsApp, Instagram, and Facebook. They typically advertise fake trading apps and websites. These schemes are fraudulent and do not have SEBI’s endorsement. It’s important to consult a SEBI-registered financial advisor before making any investments. Fraudsters often use simple tactics to entice unsuspecting investors with promises of high returns and fake profit screenshots. They may even credit a small amount to the victim’s account to gain their confidence. Never believe promises of huge returns, said police.
If you suspect you are a victim of cyber financial fraud, report it immediately by calling the National Cyber Crime Helpline at 1930 or visiting cybercrime.gov.in. For emergencies, call or WhatsApp at 8712665171.
