Online trading scam dupes Hyderabad man of ₹50.9 lakh
HYDERABAD: A Hyderabad-based man was allegedly cheated of ₹50.90 lakh by cyber fraudsters who posed as US-based financial advisers and induced him to invest through a forged online trading platform operated under the name “WAR-BURG Group”, according to a complaint lodged with the Cyber Crime Helpline.
The complainant, stated that he holds an account with ICICI Bank, SR Nagar branch. He said he came across a YouTube advertisement in which a person identifying himself as Mohan Sharma claimed to be a financial and mutual fund adviser with two decades of experience in the United States.
WhatsApp groups, fake profits
According to the complaint, Mohan Sharma conducted online sessions explaining stock market concepts and investment strategies, after which participants were encouraged to open trading accounts through another individual, Alex, introduced as general manager (service department) of the WAR-BURG Group, allegedly registered in the US and India.
On December 29, 2025, the complainant joined a WhatsApp group titled “B51 – Equity Enthusiasts”, administered by Mohan Sharma and Alex. Alex later contacted him separately, claiming to be a “group analyst” who would assist with investments using institutional trading accounts. Members of the group frequently posted screenshots of high profits and withdrawals, while the administrators assured zero commission and daily withdrawals.
Acting on their instructions, the complainant first deposited ₹50,000 on December 29, 2025, and ₹1 lakh on January 2, 2026, to UCO Bank accounts shared by the accused. He was told the amounts would be credited to a WAR-BURG Group app wallet using unique charge codes.
Larger deposits across banks
On January 6, 2026, the complainant was added to another WhatsApp group, “FREEDOM WINGS GROUP-A”, led by Ayesha Singh, meant for investors with higher financial capacity. Between January 6 and January 18, 2026, he transferred several amounts ranging from ₹80,000 to ₹6.90 lakh to accounts in Axis Bank, IndusInd Bank, Unity Small Finance Bank, YES Bank and Bank of Maharashtra, held in the names of various firms.
He stated that all transfers were made from his ICICI Bank account and were shown as wallet credits on the WAR-BURG Group application.
Fake IPO allotment trap
The complainant was later advised to apply for an IPO named “AVANA Electro Systems” and was told to apply for 10 times the capital. Though the app showed an allotment of 20,000 shares worth ₹12.60 lakh, he was allegedly prevented from selling them on the pretext that payment for additional allotted shares was pending.
The accused allegedly kept insisting on further payments to “unlock” the shares, claiming company norms and a so-called QIB Trading Act. Believing their assurances, the complainant deposited additional amounts, including ₹22.60 lakh on January 19, 2026.
When he again attempted to sell, the application stopped supporting transactions, and additional unpaid share lots worth ₹62 lakh were shown as added without his consent. Suspecting fraud, the complainant contacted the Cyber Crime Helpline 1930 and lodged a formal complaint.
Police said the accused used forged websites and non-functional WhatsApp links, including a registration link to a fake WAR-BURG platform, to cheat investors. The complainant has sought legal action against the WhatsApp group administrators, website operators and beneficiary bank account holders for causing wrongful loss of ₹50.90 lakh.
