Massive Cyber Fraud In The Name Of Stock Exchange

Hyderabad, Jan 21 (Maxim News) : A businessman in the Kondapur area, which is the software and business hub of Hyderabad, fell into the trap of cyber criminals and lost Rs. 1.04 crore (Online Investment Fraud) . A con artist, who introduced himself as an American stock broker, committed this fraud with the hope of huge profits. The accused chose the WhatsApp platform to contact the victim. The way the fraud took place is reminiscent of a movie script.

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The fraudster introduced himself as a US-based stockbroker and convinced the victim that he could make crores by investing in the international stock market. He added the victim to a special WhatsApp group. In it, he posted false information under the name of the New York Stock Exchange (NYSE). He convinced the victim by sending fake screenshots of huge profits to other members of the group (who may also be accomplices of the accused).

The accused downloaded a fake app called ‘Capto Store In‘ to invest. The victim was refunded Rs. 1.01 lakh as profit on his initial investment. With this, the victim believed that this was a real company and started investing heavily. Believing the words of the accused, the victim invested a total of Rs. 1.04 crore in installments through the ‘Capto Store In’ app. This app showed that the victim’s account was showing profit in crores. However, the facility to withdraw the money was not provided.

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When the victim tried to withdraw his profits, the accused implemented the original plan. In order to withdraw the profits, they demanded an additional Rs. 49.39 lakhs to be paid under taxes and other charges. Realizing that he had been cheated, the victim immediately approached the Cyberabad Cyber Crime Police. The police advised to be careful of frauds in the name of stock market investments. They appealed not to believe in stock market propaganda coming in WhatsApp and Telegram groups. Victims should realize that if they are promised double or huge profits in a short time, it is definitely a fraud. Cyberabad Cyber Crime Police said that they should not download apps through unofficial links that are not on the Play Store or App Store.

Based on the victim’s complaint, the Cyberabad police have registered a case and started an investigation. They are tracking the bank accounts and IP addresses used by the accused. If anyone falls victim to such fraud, they are advised to immediately call the 1930 helpline number and file a complaint. As technology advances, cyber criminals are finding new ways. The Kondapur businessman’s incident is a warning to all of us. The Cyberabad cybercrime police say that it is better to think twice before investing. (Maxim News) 

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