Retired Employee Lost ₹1.06 Crore to Stock Fraud

Hyderabad:In yet another case of online fraud, a septuagenarian was deceived to a staggering amount of ₹1.06 crore in the name of trading and IPOs. Rachakonda cybercrime police are investigating the case, in which a retired government employee of ₹1,05,96,031.

The victim is a 73-year-old resident of Habsiguda. He was targeted by scammers posing as representatives from a company claiming to facilitate bulk trading in the stock market. The victim received a WhatsApp message from a group. The fraudsters on the other end of the phone introduced themselves as trading experts and invited him to join several WhatsApp groups.

Following the joining, the victim began receiving frequent communications from a person named Saili Jaiswal. She advertised various investment opportunities, particularly in IPOs and lured him to invest. The victim was encouraged by the high returns and registered on a fraudulent website, yes-securities-vip.com. He invested substantial amounts in multiple stocks and IPOs ranging from `10,000 to `10 lakh.

However, when the victim attempted to withdraw his earnings, he was informed that a 30 per cent service fee on his profits was to be paid and it was at this point that he realised he was scammed. The victim promptly filed a complaint with the Rachakonda police where a case was registered under the BNS and IT Act and the teams are pursuing the investigation.