Hyderabad, October 5 (IANS) Two victims of trade and online investment reduced more than Rs 50 lakh in two separate cases in Hyderabad, police said on Sunday.
In online Gold Stock Trading Fraud, a person was cheated to a tune of Rs 6.32 lakh, while another citizen lost Rs 43 lakh in online investment fraud.
A 57 -year -old resident of Hyminagar was cheated by an online trading platform, called Amruthra Reddy through an agent named NFM Capital Markets, who first approached the victim via Facebook and WhatsApp.
He convinced him to invest in ‘US Gold Stocks’ using fake trading dashboard.
The victim launched a total transaction of Rs 6,32,000 through Google Pay and SBI Yono, assuming that a fake wallet balance of $ 38,694.94 believes it was real.
Later, the fraudsters demanded more funds for ‘taxes’ and ‘withdrawal allegations’ and even threatened legal action.
When asked to pay an additional Rs 8 lakh, the victim realized that it was a scam and immediately reported the case through the 1930 cyber helpline, which led to partial fund recovery.
In another case, a 63 -year -old investor received a WhatsApp message from “Axis Security”, which was associated with Axis Bank, offers IPO allocation and trading opportunities.
Considering it as real, he invested over Rs 43,00,000 in early July 12 and August 2025.
The fraudsters regularly showed the fake dashboard showing profits and concessional share allocation, claiming that the trades were subjected to a qualified institutional placement (QIP) quota.
He allocated more shares than his balance, labeled the difference as a ‘non-onion loan’, and demanded repayment with dangers to freeze his account.
The victim filed a complaint, realizing that Axis security was fake.
The cybercrime police, who registered the case, warned people to be cautious against fake online investment and trading platforms that are actively cheating citizens through WhatsApp, Telegram, Facebook, Instagram and X.
Fraudsters create fake trading websites, apps and dashboards, which show false profits to create confidence and lure victims in large quantities.
They later prevent withdrawal under excuse such as ‘tax payment’, ‘compliance verification’, or ‘conversion fee’.
Once sufficient amount is collected, they either disappear or threaten the victims with fake legal action, said Police Commissioner VC Sajjanar.
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