Hyderabad Retiree Loses ₹1.25 Crore in Elaborate Trading Scam
A 64-year-old retired banker from Secunderabad has lost a staggering ₹1.25 crore to sophisticated fraudsters. The criminals operated a completely bogus trading platform called Capstone between December 29 and January 12. Hyderabad cyber crime police confirmed the details after the victim filed an official complaint.
How the Scam Unfolded
The retired banker first received a WhatsApp invitation. It prompted him to join a group named Team B Club Internship Group 39. Inside this group, members actively shared screenshots. These images falsely displayed massive profits from institutional IPO trades. The presentation was designed to create a sense of urgency and legitimacy.
Following a link shared from a US-based phone number, the victim downloaded the Capstone application. Believing the platform was real, he initiated a series of transactions. The former banker made 15 separate transfers from his three personal bank accounts. The money flowed into 11 different beneficiary accounts. His goal was to secure premium share allotments and generate profits.
The Trap Springs Shut
The app's internal dashboard showed his balance growing impressively. It even displayed an amount exceeding ₹1.9 crore. However, every single attempt to withdraw these supposed funds was systematically blocked by the fraudsters.
"I was asked to deposit another ₹58.58 lakh as clearing charges," the victim stated in his police complaint. This demand for more money finally made him realize the terrible truth. He had fallen victim to a well-organized financial scam.
Police Action and Similar Cases Emerge
The victim approached the Hyderabad cyber crime police on January 14. Officers promptly registered a case. The very next day, January 15, brought more alarming news. Both the Hyderabad and Cyberabad Cyber Crime Police units received three additional complaints. These new cases described strikingly similar frauds.
The combined losses from these three incidents exceeded ₹1.2 crore. This suggests a coordinated wave of scams targeting residents in the region.
- Case Two: A 68-year-old retired employee from Manikonda reported a loss of over ₹50.8 lakh. Scammers, posing as analysts from a reputed stock brokerage, contacted him via WhatsApp investment groups. The fraud occurred between March and May of the previous year.
- Case Three: A 76-year-old retired employee from Secunderabad lost ₹46.25 lakh. Fraudsters pretending to be stock market trading experts advised him to invest in IPO trades. The period of the scam was from December 30 to January 5.
- Case Four: A 45-year-old private-sector employee from Miyapur was duped of ₹32.1 lakh. He was tricked between December 26 and January 9. The criminals used a fake application promising investments in US stocks.
Legal Proceedings Underway
For all four incidents, the police have registered formal cases. They are invoking relevant sections of the Bharatiya Nyaya Sanhita (BNS) and the Information Technology Act. The investigations are now active, with cyber crime specialists working to trace the digital footprints of the perpetrators.
This series of events highlights a dangerous trend. Elderly and retired individuals are becoming prime targets for online financial fraud. The use of fake trading apps and WhatsApp groups as lures appears to be a common and effective tactic for these criminals.
