In a major alert for investors, the cybercrime police in Visakhapatnam have registered complaints from eight individuals who collectively lost a staggering sum exceeding Rs 3.5 crore in sophisticated online stock market investment frauds. The victims, hailing from different parts of the port city, were lured by promises of high returns on fake trading platforms promoted through social media.
How the Elaborate Scam Unfolded
One of the most severe cases involves a 55-year-old private sector employee who was cheated out of approximately Rs 1.45 crore. According to his detailed complaint, the fraud began when he befriended a woman on Facebook. After weeks of conversation, they switched to WhatsApp. Posing as a financial guide, the woman convinced him to invest in a lucrative online trading opportunity.
She sent him a web link that directed him to a counterfeit trading portal, which closely mimicked a legitimate platform. After registering with his phone number, he was designated a high-net-worth client. To build trust, the fraudsters encouraged an initial small investment of Rs 5,000, which showed a modest profit in his online wallet on the fake site.
Emboldened by these early "gains," the victim began transferring larger sums of money. However, every time he attempted to withdraw funds, the operators imposed new commission charges. He was instructed to send money to various bank accounts provided by the scammers. The scheme collapsed when the operators finally blocked his access and refused all withdrawal requests, leaving him poorer by Rs 1.45 crore.
A Recurring Pattern of Deception
In a disturbingly similar incident, a 35-year-old man from Visakhapatnam reported a loss of about Rs 73 lakh. He was contacted by a woman on Telegram who presented herself as a stock market analyst. Following her advice, he invested money borrowed from friends and family into another fraudulent trading platform.
His virtual portfolio on the sham website ballooned to show crores in paper profits, creating an illusion of success. Yet, when he tried to cash out, the fraudsters demanded more payments, ultimately cutting off contact. Police reports indicate that six other complainants have suffered losses totalling over Rs 1.32 crore in comparable investment scams. All victims have approached the Visakhapatnam city police, seeking action and recovery of their hard-earned money.
Police Warning on Rising Cyber Investment Frauds
Authorities have confirmed that such cyber investment scams are witnessing a sharp increase not only in Visakhapatnam but across Andhra Pradesh. Fraudsters are using attractive offers and guarantees of high returns to trap people into fake or misleading schemes. Notably, the victims are not just the elderly; they include tech-savvy youngsters who are active on social media.
A police officer issued a stern advisory, stating, "We have been consistently advising the public not to trust unsolicited social media posts or advertisements promoting online trading schemes. Anyone planning to invest should physically visit authorised trading offices and seek proper, verified guidance before transferring any money."
The series of complaints highlights the critical need for public vigilance. Investors are urged to verify the authenticity of any online investment platform independently and to avoid sharing personal details or transferring funds based on recommendations from unverified strangers on social media or messaging apps.
