Hyderabad Trading Scam Cheats Elderly Man Of Rs 93 Lakh
- Cybercrime police probe major online trading fraud reported in Medchal
- Scammers used WhatsApp links and fake investment schemes to lure victim
Hyderabad, Oct 22 (Maxim News): A major online trading scam has been uncovered in Hyderabad, where cybercriminals allegedly cheated a 70-year-old man from Medchal of Rs 93 lakh. The fraud, which began in July and continued for several weeks, came to light only recently after the victim alerted the cybercrime police.
According to officials, the elderly man received a WhatsApp message inviting him to invest in stock market trading opportunities. The scam began when he clicked a link shared through the messaging platform. The victim said that he was first introduced to a person named Raj Kumar, who posed as a trading team head. Later, a woman identifying herself as Nikita Sharma joined the conversation, claiming to be a “group analyst” associated with an investment firm called Nikita Trading.
The victim initially transferred Rs 2 lakh on August 26 after being persuaded by Nikita Sharma. Over the next few weeks, while guiding him on trading, the fraudsters convinced him to invest larger sums, eventually drawing a total of Rs 93,07,417. The victim later explained that he hoped to earn higher returns by investing Rs 50 lakh, but the scammers continued demanding additional funds under various pretexts.
On October 8, the elderly man tried to withdraw Rs 20 lakh from his account, but the fraudsters stalled the request and pressured him to deposit even more. When their behavior raised suspicion, he informed his family members, who advised him to approach the police.
Cybercrime police registered a case and launched an investigation. Officials are tracing the digital trail of the transactions and the identities behind the WhatsApp accounts. Authorities also urged the public to remain alert and avoid clicking on unsolicited links or investment offers promising unrealistic profits. They warned that such scams often target senior citizens and exploit their trust by using fake trading apps and fraudulent online groups.
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