Hyderabad: Investment frauds are on the rise in the city, with new-age crooks and con artists scamming investors by promising huge returns in a short period of time.
Surprisingly, the majority of victims are educated and aware of these types of scams, but they still fall victim. Victims have been running behind schemes related to these frauds, according to police, in order to make quick money.
While these firms are run by locals, investments in crypto trading and internet trading are also duping people, and the amount of loss in these cases is relatively substantial. Most of such firms are run by Chinese nationals.
The con artists use WhatsApp groups to lure people to make cryptocurrency investments with the promise of huge profits. Always be sceptical of investment opportunities that promise a high return with little or no risk, experts warned.
Investigators believe the scamsters work by gradually duping victims with small payouts on investments. Once targets trust the scheme and invest more money into it, they lose everything in an instant.
According to Dr. Gajarao Bhupal, joint commissioner, Central Crime Station, Hyderabad, in all of these cases, the victims are lured into joining WhatsApp groups or other such social media groups. Victims who want to earn some quick buck as promised by members of the WhatsApp group end up falling into their trap and lose their money, he said.
Police officials warned investors to remain vigilant in order to protect themselves and others from being victims of investment scams.
"People should be careful of internet fraudsters and not fall for investment plans offered in social media groups. Investors should not place their trust in cryptocurrency trading and the enormous returns it promises. They should exercise caution when investing in local businesses and proceed only after checking credentials, permissions, and so on,” he said.
Dreams shattered
> Several educated people pursing quick and large returns have been duped by fraudulent firms
> A techie couple earning more than Rs 60 lakh per year participated in an investment scheme that promised huge returns in a short period of time. They hope the returns would help them purchase a villa in a prime locality in less than a year. Their hopes were dashed after they were duped of Rs 5 lakh.
> A homoeopathy doctor from Uppal invested a few lakhs in an investment company with the objective of expanding his hospitals and opening additional branches throughout the city. He lost all the money
> A woman from Hayatnagar whose husband works for the state government withdrew all of his savings and invested in an internet trading firm, only to discover she had been scammed. She lost up to Rs 4 lakh.
