How did the Hyderabad man get involved in the online trading scam?

He saw a trading advertisement on Facebook and was added to a WhatsApp group by fraudsters.

What was the total amount lost in the Hyderabad online trading fraud?

The victim transferred a total of Rs 27.05 lakh to the fraudsters.

What steps should be taken if you are a victim of online trading fraud?

Report the fraud immediately to the cybercrime helpline 1930 or the official cybercrime portal.

Home / Crime and Justice / Hyderabad Man Loses Rs 27 Lakh in Online Trading Scam

Hyderabad Man Loses Rs 27 Lakh in Online Trading Scam

13 Jan

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Summary

A Hyderabad man was defrauded of Rs 27.05 lakh in an online stock trading scam.
The scam began after he saw a trading advertisement on Facebook.
Fraudsters used a WhatsApp group and a fake app to trick the victim.

Hyderabad Man Loses Rs 27 Lakh in Online Trading Scam

A man from Hyderabad has fallen victim to an elaborate online stock market trading scam, losing approximately Rs 27.05 lakh. The incident began when the 38-year-old individual encountered a trading advertisement on Facebook.

He was subsequently added to a WhatsApp group by fraudsters posing as stock market experts. They assured him of high returns and quick profits, convincing him to download a mobile application named ADVPMA for trading purposes. Initially investing a small amount of Rs 10,000, he saw profits, which prompted him to invest significantly more.

Despite the app displaying a balance of Rs 81.69 lakh, including profits, the victim was unable to withdraw his funds as the option was blocked. The scammers then demanded an additional Rs 50 lakh for processing and taxes, at which point the victim realised he had been cheated and reported the incident to the Hyderabad police.

Disclaimer: This story has been auto-aggregated and auto-summarised by a computer program. This story has not been edited or created by the Feedzop team.