Hyderabad, July 31: A retired employee from Telangana’s Sangareddy district was allegedly cheated of ₹33 lakh in an online trading scam after fraudsters promised high returns through a fake investment platform, prompting a cybercrime investigation.
Trading App Fraud Targets Retired Employee
According to police, the victim from the Tellapur area was added to a WhatsApp group named “Apex Digital Capital”, where fraudsters lured him with promises of substantial profits through online trading.
The scammers persuaded the retired employee to download a trading application and invest money. Trusting their claims, the victim transferred ₹33 lakh in multiple transactions to different bank accounts.
The fraudsters later asked him to invest additional funds in the name of an IPO investment. When the victim attempted to withdraw his investment, he was unable to access the funds and realised he had been cheated.
He subsequently lodged a complaint with the cybercrime police, who registered a case and launched an investigation to trace and arrest those involved.
Police have advised the public to exercise caution while investing through online trading platforms, especially those promoted via social media or messaging apps. They urged citizens to verify the authenticity of investment schemes and avoid offers promising unusually high returns.
