Hyderabad: A 42-year-old man from Meerpet reported losing Rs 38.45 lakh in an online trading scam. The victim was lured into investing in a fraudulent stock trading scheme, which was promoted through an advertisement on YouTube by a group posing as representatives of a well-known firm. The scammers falsely promised high returns from IPOs and stock investments.
The victim after clicking the advertisement was directed to a WhatsApp group. He was later approached by one individual claiming to be an assistant to the CEO of the firm.
Following the caller’s directions, the victim opened an institutional account, submitted personal details, and invested large sums of money into stocks over a period of time as suggested by the group. However, after seeing initial profits, he attempted to withdraw and the victim was asked for additional funds. He then realised that the entire scheme was a fraud.
A case has been registered by cybercrime authorities under the BNS and the IT Act.
