Hyderabad: January 12, Posted at 6:12 PM IST
A 38-year-old resident of Asifnagar in Hyderabad has fallen victim to an online trading fraud, losing over Rs 27 lakh after being lured through social media and a fake mobile application.
According to the complaint, the victim first encountered an online trading advertisement on Facebook. He was later added to a WhatsApp group where administrators claimed to be investment experts and promised unusually high returns.
To gain the victim’s trust, the fraudsters shared fabricated profit screenshots and encouraged him to download a trading application named “ADVPMA.” Initially, the victim invested Rs 10,000. Over time, persuaded by consistent assurances and fake gains shown on the app, he transferred a total amount of Rs 27,05,000.
The application displayed a wallet balance of Rs 81,69,600, including alleged profits. However, when the victim attempted to withdraw the amount, he was prevented from doing so. Instead, the scammers demanded an additional Rs 50 lakh, citing procedural and compliance requirements.
It was at this stage that the victim realized he had been cheated. Cybercrime officials have reiterated that such demands for extra payments are a common tactic used by fraudsters to extract more money from victims.
Police have issued a public advisory urging citizens to verify investment platforms before transferring funds. Investors are advised to check for registration with Securities and Exchange Board of India and avoid platforms promoted through unsolicited social media messages.
Authorities also warned against sharing sensitive banking details and falling for promises of guaranteed or quick returns. Any suspicious activity should be reported immediately to the National Cybercrime Helpline at 1930 or through the official cybercrime portal.
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