Indian scammed of $188K in fake stock advisory scheme

The case of an Indian investor who lost $188K to dishonest stock market advisors has been reported as the biggest cyber-fraud that is currently being investigated by the Hyderabad Police

ContentsFraudsters lure investors through a Telegram channelVictim deposits Rs 1.68 crore over multiple transactionsPolice launch investigation after withdrawal demands and threatsThe victim who has reported to the police is a 38-year-old resident of Basheerbagh who testified that the criminals approached him as analysts and persuaded him to invest using a manipulated trading platform.

Fraudsters lure investors through a Telegram channel

The investor claimed that in October, he had received an invitation to join a Telegram group by people who purported to be employed by a Singapore-based advisory company. They were offering returns that are high in stocks and digital assets. False earnings were left as screenshots by other members to gain trust. These posts were later found to be part of a concerted action scheme to deceive recruits by the victim.

He had been instructed to enroll in a site that was to resemble an actual trading arcade. The group requested him to do an online KYC. This assisted the fraudsters in accumulating his personal data. His initial deposit was made by UPI on October 15, and he could take a small amount two days later. This premature exit made him believe that the game was a real one.

Victim deposits Rs 1.68 crore over multiple transactions

This investor kept on depositing for a few months. He made over 21 transactions to the bank accounts of people whom he described as Steven, Viswanath, and Mary, amounting to over 1.68 crore. They told him that his money was making good profits.

According to him, the Website indicated increasing balances, which implied high returns. Such numbers were confirmed to be doctored. He thought that the earnings were genuine until he tried to withdraw the total. It was at this time that the problems had started, and his access to funds was limited.

Police launch investigation after withdrawal demands and threats

According to the investor, the administrators were not ready to give him back his money unless he paid additional fees. They required payment of taxes and compliance fees to make the withdrawal. They had at one juncture requested an extra Rs 60 lakh. When he told them that he could not make a payment, they accepted the offer to pay less at Rs 30 lakh. This and an abrupt shift brought about suspicions, and he knew he had been swindled.

Hyderabad Police pressed a case against various provisions of the IT Act and Bharatiya Nyaya Sanhita. These charges are cheating, forgery, and organized crime. The authorities confirmed that the crime is a well-organized cyber fraud.

The police reported that they will continue with the fight against cybercriminals and financial scam groups. A massive laundering network that transferred money to banks and cryptocurrency platforms was also disclosed through recent activities carried out by the Enforcement Directorate. During that operation, assets in 92 bank accounts and crypto wallets were attached.

The case raises the issue of increasing cyber fraud threats to investors who use untested online advisors. Police activities in the following digital crime networks are in progress.