Hyderabad police have reported that two victims from different parts of the city were defrauded of a total of Rs 49.32 lakh in separate online trading scams.
In the first case, a 57-year-old man lost Rs 6.32 lakh after being contacted by a woman fraudster who introduced herself as Amrutha Reddy, claiming to be an agent for the trading platform. According to Police Commissioner V.C. Sajjanar, the fraudster maintained contact with the victim over Facebook and WhatsApp and persuaded him to invest in ‘US gold stocks’ using a fake trading dashboard.
The dashboard displayed fabricated profits, and the victim believed his wallet balance of $38,694.94 was genuine. The scammers later demanded money for ‘taxes’ and ‘withdrawal charges’ and threatened legal action. The victim filed a complaint with the City Cyber Crime Unit on Sunday.
In the second case, a 63-year-old man was lured through a WhatsApp message from a firm impersonating a prominent bank. Between July 12 and early August, he invested over Rs 43 lakh. The scammers provided fake dashboards showing profits and offered discounted share allotments. They allocated more shares than the victim’s balance allowed, labeling the difference as a ‘non-interest loan,’ and demanded repayment while threatening to freeze his account. After realizing the firm was fake, the victim filed a complaint.
Authorities are investigating both cases to track down the fraudsters and prevent further losses. Police have urged citizens to exercise caution while investing online, verify trading platforms carefully, and avoid sharing personal or financial information with unverified sources.
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