31-year-old Hyderabadi loses over Rs. 5.9 lakhs in stock investment scam

Hyderabad: A 31-year-old male private employee from Hyderabad has fallen victim to a stock investment scam, losing Rs. 5,93,840. The scam began with an unsolicited WhatsApp message titled “F20 Fidelity Stock Investment Guide,” leading the victim to invest in a fraudulent scheme.
According to cybercrime police, the victim received the WhatsApp message and began trading in the secondary market based on stock recommendations provided by the scammers. Initially, the victim experienced minor profits and was able to make a small withdrawal, which built trust in the fraudulent scheme.
Subsequently, the scammers persuaded the victim to open a primary market equity trading account via a third-party app named Fidelity. They conducted nightly investment classes from 8 p.m. to 9 p.m. and shared PDFs containing stock market investment techniques to make themselves appear more credible. The WhatsApp group, comprising around 150 members, shared fake screenshots of transactions and withdrawals to deceive participants.
The scammers then advised the victim to subscribe to an IPO for SAHAJ SOLAR LTD, recommending the purchase of 2,660 shares. The victim deposited money into the trading app, but when the IPO shares were allegedly allocated to his account, the app’s balance displayed a negative amount. The scammers insisted that the victim complete the payment, claiming it was a lifetime opportunity.
Once the stock was listed with over a 100% gain, the scammers advised the victim to wait for a 150% gain. Although the app showed an available balance, the victim was unable to withdraw any funds as the scammers disabled the withdrawal option. They then requested a 10% tax on the supposed profit and provided an ITR 7 form for tax filing. After paying the tax, the victim was asked to pay a 10% commission fee, which he also complied with.
Despite making these payments, the victim was informed that the funds would be credited to his account. However, the scammers eventually ceased communication, disabled the trading group, and stopped responding to the victim’s calls and messages.
The victim’s total loss amounts to Rs. 5,93,840. The victim has lodged a formal complaint seeking assistance from authorities to recover the lost funds and take action against the perpetrators.
Public Advisory:
The public is advised to exercise caution when receiving unsolicited calls and messages and to verify the authenticity of any request for money or personal information.
Never respond to emails, embedded links in messages, or calls requesting updates or verification of KYC documents, user ID, password, debit card number, PIN, CVV, or OTP. If you accidentally disclose your credentials, immediately change your passwords, CVV, and PIN.
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.