A 56-year-old software consultant working for a multinational company in Hyderabad lost Rs 2.92 crore over two months, starting from February 24, after being lured into investing through fake stock trading platforms. Based on his complaint, Malkajgiri police registered a cheating case on Thursday and launched an investigation.
How the Scam Unfolded
In February, the victim, a resident of Ramanthapur, was added to a WhatsApp group named ‘Riding the Wind Club Discussion Group’. In this group, fraudsters posing as investment advisers shared stock tips and IPO offers. The group was managed by individuals identifying themselves as Anika Sharma and Chandraprakash, using multiple mobile numbers.
Initial Investments and False Profits
After the victim made small initial investments, the fraudsters showed him fake profits in stocks and IPOs. Encouraged by these virtual gains, he joined VIP trading programmes that promised high returns and interest-free credit facilities.
Blocked Withdrawals
When the victim attempted to withdraw money, the fraudsters blocked the transactions, claiming that the funds were locked due to loan repayment conditions. The complainant stated, 'When I tried to withdraw money, they blocked the transactions, claiming that the funds were locked due to loan repayment conditions.'
Police Action
Malkajgiri police have registered a case under relevant sections of the Indian Penal Code and the Information Technology Act. A probe is underway to trace the fraudsters and recover the lost amount.
