Senior Citizen Loses Rs. 57 Lakh To Online Trading Fraud

Hyderabad, July 15 (Maxim News): A senior citizen from Jubilee Hills was duped of over ₹57 lakh by cyber fraudsters in the guise of an online investment opportunity.

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The 60-year-old victim was lured into a financial scam involving a fraudulent trading platform named “FX Road,” which he found through an Instagram advertisement. After clicking on the ad, he was contacted by individuals posing as representatives of the platform.

Cybercrime officials stated that the scammers instructed him to register, digitally sign documents, and invest funds through credit card transactions and bank transfers. The fraudsters falsely assured him that the investments were being used for trading in crude oil, precious metals, stocks like Tesla, and cryptocurrencies.

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“The platform initially displayed fake profits to build trust. As markets supposedly turned volatile, the scammers manipulated the victim into depositing more funds to maintain margin levels,” officials explained.

In total, the victim lost ₹57.4 lakh. Upon realizing the fraud, he reported the case to the national cybercrime helpline – 1930. (Maxim News)

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