A 62-year-old businessman from AS Rao Nagar in Hyderabad has lost Rs 3.82 crore after fraudsters posing as stock market investment advisers lured him into trading through fake platforms. The victim lodged a complaint with the Telangana Cyber Security Bureau (TGCSB) on Tuesday, stating that unknown persons, posing as representatives of A**s Securities Limited and New B***y C*****l Pvt Ltd, induced him to transfer huge sums into multiple bank accounts.
How the fraud unfolded
According to the complaint, the fraud began on January 18 when a woman identifying herself as Neelam Dhavan contacted him over the phone, claiming to be an executive of A**s Securities. She persuaded him to fill out a registration form and download a trading app through a link shared by her. After downloading the app, the victim, on her instructions, initially transferred Rs 5 lakh on January 21 to an account in the name of A* Enterprises. The amount was shown as credited in the app.
The complainant subsequently invested larger amounts towards stock trading and IPOs, believing the promises of guaranteed allotment and high returns from the accused. The app displayed high profits, but when I requested a withdrawal, the fraudsters demanded further payments and threatened to freeze my account, the complainant said.
Second fraudster targets victim
Another fraudster, posing as Meena Joshi from New B***y C*****l, contacted him on February 1 and convinced him to invest in stocks through another app. The complainant told police that between January 21 and April 2, through both the apps, he transferred over Rs 3.82 crore to different bank accounts in 41 transactions.
As the fraudsters demanded additional amounts towards various taxes and fees to let him withdraw, the victim verified the authenticity of the apps and realized the fraud. On his complaint, TGCSB police registered a case under Section 66-D of the IT Act and Sections 318(4) (Cheating), 319(2) (Cheating by personation) and 338 (Forgery of valuable security, will, etc.) of the Bharatiya Nyaya Sanhita on Tuesday.
