Investment Fraud Dominates Cybercrime Losses in Hyderabad
Hyderabad continues to grapple with a surge in cybercrime, where investment fraud stands out as the leading cause of financial loss. In a shocking 48-hour period, 12 victims in the city reported losses exceeding 1.5 crore rupees. Additionally, four other individuals approached the police, detailing a loss of 36 lakh rupees due to part-time job fraud schemes.
Tech Employees Duped by Fake Trading Platform
Two 48-year-old tech employees from Bandlaguda Jagir recently approached the Cyberabad cybercrime police. They fell victim to a sophisticated scam after discovering a fake trading platform named FYERS DMA through LinkedIn advertisements. The fraudsters, posing as 'Prof Gopal Kavalireddi' and a handler called 'Naina Verma', guided them to invest in stocks using the fraudulent application.
Investigators revealed that the duo convinced investors to transfer money into multiple mule accounts. They made enticing promises of IPO allotments, block deals, and 'upper-circuit' trades. The first victim suffered a loss of 36.43 lakh rupees between October 29 and December 10, while the second lost 27.98 lakh rupees from December 4 to December 29.
Businessman Loses Big in Social Media Scam
In a separate incident, a 38-year-old businessman from Asif Nagar reported a significant loss. Fraudsters operating stock trading advisory groups on Facebook and WhatsApp persuaded him to install an app named ADVPMA. They sent him screenshots showing soaring investment profits, which led him to transfer 27.05 lakh rupees to 15 different bank accounts between December 14 and January 7.
The businessman only realized he had been duped after the transactions, prompting him to approach the Hyderabad cybercrime police for assistance.
More Victims Fall Prey to Fake Apps
Another case involved a 39-year-old private worker from Malkajgiri, who lost 15.4 lakh rupees between January 6 and 9. He joined a fake trading app called Cboe Global Market based on advice from cyber fraudsters and subsequently reported the incident to the Rachakonda police.
Similarly, a 29-year-old civil engineer from Pragati Nagar lost approximately 12 lakh rupees between December 17 and January 7. He was lured into joining a fake stock trading app named GTS-C by a WhatsApp group admin, highlighting the widespread nature of these scams.
Police Receive Multiple Complaints
Between January 10 and 11, the cybercrime police of Hyderabad, Cyberabad, and Rachakonda received seven more complaints. These reports detailed losses ranging from 2.75 lakh to 10 lakh rupees in various stock trading fraud cases.
Over the same weekend, the Rachakonda police also handled four part-time job fraud complaints, where victims reported a cumulative loss of 36 lakh rupees. In response to these incidents, the police have booked 16 cases under relevant sections of the BNS and the IT Act, underscoring the serious legal actions being taken against such cybercrimes.
