Trader Duped Of Rs. 1.64 Crore In US Market Trading Scam on Fake Platform
Bibinagar/Hyderabad, July 21 (Maxim News): In a shocking case of online fraud, a trader from Bibinagar lost a staggering ₹1.64 crore to cybercriminals who lured him with promises of high profits through American free market trading on a fake platform.
The victim stumbled upon a website named www.ironfixsvip.com while browsing online. The platform claimed extensive experience in stock trading and presented itself as a reliable investment system. Trusting the claims, the trader registered on the site and soon received login credentials. His phone number was also added to a WhatsApp group by the website’s so-called “advisory reflectors,” who offered regular guidance.
Following their instructions, the trader opened a trading account on the website using his personal bank details. He was then asked to download a “trading app” via a separate link. Initially, he invested ₹43,000, which was converted into USDT (a cryptocurrency tethered to the US dollar). To gain his trust, the fraudsters credited a small profit of ₹4,250 into his account.
Convinced by the initial return, the victim began investing larger amounts, eventually transferring lakhs of rupees in multiple transactions. The fraudsters displayed a fake account balance of $300,000 USDT (approx ₹2.5 crore) on the trading dashboard, further encouraging the victim to continue investing.
When he attempted to withdraw the funds, the scammers told him he would first need to pay a 20% tax. The trader complied and deposited ₹50 lakh into accounts provided by the fraudsters. However, instead of receiving the promised returns, the trading screen was wiped clean and all contact was cut off.
In total, the trader deposited ₹1,66,97,500, of which only ₹1,93,138 was credited back to him as a fake profit.
Realizing he had been scammed, the victim filed a complaint with the Rachakonda Cybercrime Police, who have registered a case and begun a full-scale investigation into the incident.
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