Crime Hyderabad

Hyderabad homemaker loses Rs 20.6 lakhs to trading scam

Trading Scam In Hyderabad

HYDERABAD: A 53-year-old homemaker from Hyderabad has lost ₹20.69 lakhs in a sophisticated trading scam. The victim received a WhatsApp message from scammers posing as representatives of HDFC Securities. They claimed to be hiring people for trading and created a trading account for her. The scammers added her to a WhatsApp group named HDFC Global Security Services and instructed her to install an application called HDFC Global Securities Services from the Google Play Store.

Scam unfolds with fake IPO and promises of high returns

The scammers convinced the victim to invest in an IPO called KRONOX, promising substantial returns through institutional trading. They assigned her an assistant to guide her on buying and selling stocks. The victim installed the app via a WhatsApp link and communicated with the assistant through WhatsApp. Following the scammers’ instructions, she deposited money into multiple bank accounts to purchase the IPO KRONOX.

Initially, the victim successfully withdrew money from the app, which increased her confidence in the scheme. However, she later faced difficulties withdrawing funds and was told to deposit more money to resolve legal issues and pay transaction fees. The victim complied but still couldn’t access her funds.

Public advisory issued to warn against online trading scams

Despite assurances from the scammers, the victim never received her funds back. The scammers became unreachable, and they ceased responding to her messages. The victim has requested necessary action against the scammers.

Authorities warn the public about fraudsters using social media platforms like Telegram, WhatsApp, X, Instagram, and Facebook to advertise fake trading apps and websites. These schemes are not endorsed by SEBI and lure investors with promises of high returns and fake profit screenshots. Fraudsters initially credit a small amount to gain the victim’s confidence. By luring with this small amount, fraudsters are scamming people afterwards. These days, this type of cyber crimes coming to light in big numbers. The public is advised to report cyber financial fraud immediately by dialing the Cyber Crime Helpline number 1930 or visiting cybercrime.gov.in.