Kanchanbagh Man Loses Rs. 14.3 Lakhs To Fraudulent Online Trading Platform

Hyderabad, Dec 1 (Maxim News) A 27-year-old resident of Kanchanbagh was duped to the tune of Rs 14.3 lakh by cyber fraudsters who lured him into investing in a fake online trading platform.

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The scammers had impersonated representatives of Fyers Securities and contacted the victim through WhatsApp, promising high returns through a premium trading service.

According to the Cybercrime police, the fraudsters initially gained the victim’s trust by allowing two small withdrawals amounting to Rs 3.6 lakh, making the platform appear genuine. Believing them, by the apparent profits, the victim invested a huge amount into the trading platform.

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However, when he attempted to withdraw his funds, the platform abruptly stopped responding and blocked all requests. The scammers also displayed fake profits and falsely claimed the victim had taken a Rs 15 lakh ‘loan’, demanding repayment before releasing his funds.

Suspicious, the victim filed a complaint with the Cybercrime Police (Maxim News)

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