Online Trading Fraud in Hyderabad Leaves Man Cheated of Rs 27 Lakh
Hyderabad, Jan. 12 (Maxim News) : An online trading fraud in Hyderabad has left a 38 year old man from Asifnagar cheated of Rs 27.05 lakh after fraudsters trapped him using a fake mobile application and a WhatsApp group.
Cybercrime officials said the accused lured the victim by promising high profits and displaying fabricated profit screenshots to build confidence.
According to the complaint, the victim first noticed an online trading page on Facebook.
Soon after, unknown persons added him to a WhatsApp group that claimed to provide expert trading guidance.
The group administrators projected themselves as investment professionals. They repeatedly assured quick and high returns. As a result, the victim agreed to invest.
The fraudsters asked him to download a trading application named ADVPMA.
Over time, his total investment reached Rs 27,05,000. The application displayed a balance of Rs 81,69,600, including alleged profits.
Initially, the victim invested Rs 10,000 through the app. Later, encouraged by continuous messages and fake profit claims, he transferred more money.
When the victim attempted to withdraw the displayed amount, the app did not permit the transaction.
Instead, the fraudsters demanded an additional Rs 50 lakh, citing various reasons. At this stage, the victim realised that he had been cheated under the guise of online trading. He then approached cybercrime police and lodged a complaint.
Cyber Crimes Police, Hyderabad, said such online trading fraud in Hyderabad is increasing due to fake apps and social media based investment traps.
Therefore, officials issued a detailed public advisory to alert citizens. They urged people to verify the authenticity of trading platforms and investment advisors before investing.
They advised checking official registration and licences with the Securities and Exchange Board of India.
Hyderabad Police also warned citizens to remain cautious of promises of quick, guaranteed, or unusually high returns.
They stressed that legitimate investments always involve risk. In addition, officials cautioned people not to share sensitive personal or banking details such as account numbers, OTPs, passwords, or UPI PINs with unknown individuals.
The advisory further warned against paying so-called processing fees, taxes, or withdrawal charges. Fraudsters often use such excuses to extract more money.
Genuine trading platforms, police said, never demand extra payments to release funds. Citizens were also advised to watch for fake platforms that show unusually high profits or block withdrawals repeatedly.
Cybercrime officials urged victims not to succumb to threats or coercion. Scammers often use fear tactics like freezing funds or legal warnings.
People were advised to remain calm and avoid hasty decisions. Victims of online trading fraud in Hyderabad or elsewhere can report incidents to the National Cyber Crime Helpline 1930 or through the cybercrime portal.
Cybercrime police continue to investigate the case. (Maxim News)
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