Man loses Rs 17.94 lakh to fake trading platform in Hyderabad

Indian Citizen Loses Rs 17.94 Lakh in Fake Online Trading Scam

A 27-year-old resident of Kanchanbagh in Hyderabad fell victim to a sophisticated online fraud, losing a substantial amount of money in the process.

• The victim was targeted by fraudsters who posed as representatives of Fyers Securities via WhatsApp.
• The scammers lured him into investing through a fake online trading platform called FYERS-DMA, which initially appeared to be genuine.
• The platform allowed two legitimate withdrawals totalling Rs 3.6 lakh, thereby gaining the victim's trust.
• Eventually, the victim transferred Rs 17.94 lakh into multiple accounts provided by the fraudsters.

However, when the victim attempted to withdraw his funds, the platform blocked access and stopped responding, leading to a desperate situation.

• The fraudsters further tried to extort the victim by showing fake profits and demanding repayment of a fabricated Rs 15 lakh 'loan'.
• A thorough check with the official Fyers team revealed that the platform and services were indeed fake.
• The victim promptly filed a complaint, and the Cybercrime police have registered a case and launched an investigation.

Preventing Similar Scams: A Word of Caution

Citizens are urged to remain cautious and vigilant when it comes to fake trading apps and WhatsApp groups impersonating SEBI-registered brokers.

Here are some key takeaways to avoid falling prey to such scams:

• Verify the authenticity of trading platforms and services.
• Be cautious of unsolicited investment opportunities.
• Research and check the SEBI registration of brokers.
• Do not invest through unverified or unregulated channels.