Hyderabad: A 39-year-old private employee was duped of over Rs 12.5 lakh by cyberscammers in the name of online trading. The scamsters identified the victim when he responded to an advertisement on a social media platform.
In his complaint to the city cybercrime unit (CCU), the victim said the cyberfraudsters named a global securities firm lured him by claiming to help individuals build trading skills.
The victim filled out the information form provided in the advertisement. Subsequently, scammers contacted the victim and persuaded him to join their online trading platform, a cybercrime officer told Deccan Chronicle.
They convinced the victim by explaining that they would support him in earning profits through trading and created an account on the company’s website, the officer said.
Fraudsters later created an ID in the name of the victim’s wife.
Initially, based on the scammers' suggestions, the victim deposited money into the trading app. They manipulated the app to show fabricated profits, which convinced the victim to make additional payments, the officer said.
After some time, when he tried to withdraw his money, the victim was unable to do so. The scammers refused to refund the money and denied withdrawal requests, leaving the victim helpless. The victim realised he had lost Rs 12, 59,288.
