Online trading investment scams in Hyderabad

High-value fraudulent online trading schemes have targeted professionals in Hyderabad, resulting in significant financial losses.

In one instance, a chartered accountant was defrauded of Rs 2 crore through a scam involving the Exness trading app. Perpetrators used Telegram and email to simulate fake profits, eventually convincing the victim to make 52 separate transactions totaling Rs 2.4 crore. The Telangana Cyber Security Bureau noted that stock trading and business investment frauds represent roughly 60 per cent of cybercrime financial losses in the state.

A 49-year-old surgeon in Bandlaguda Jagir lost approximately Rs 2.3 crore via a WhatsApp group titled ‘Grow Invest Tech Pvt Ltd. j9’. Scammers posing as market analysts promised access to IPO allocations and institutional investments. The victim was persuaded to open a Qualified Institutional Buyer account on a web platform and transfer funds to various bank accounts. While the victim was initially allowed to withdraw a small sum to build trust, larger withdrawal attempts were blocked, leading to a police investigation by the Cyberabad Cyber Crime unit.

Additionally, a 34-year-old doctor from Kothapet lost Rs 1.49 crore after joining a Telegram group focused on investment opportunities. After downloading a specific trading application, the victim conducted 59 transactions between May and June. Although the fraudulent platform displayed a balance of approximately Rs 4.6 crore, the scammers blocked withdrawals by claiming the victim’s credit score had fallen and demanding further payments. The Malkajgiri cybercrime police have registered a case under the Bharatiya Nyaya Sanhita and the Information Technology Act.