Hyderabad: A 40-year-old man from Yousufguda in Hyderabad was duped of ₹28.76 lakh in an elaborate online trading and IPO scam orchestrated through social media platforms. The victim was targeted through a Facebook contact and later added to a WhatsApp group named “F55 – Fortune Skye,” which had over 200 members posing as successful investors.
According to Hyderabad cybercrime police, the group initially appeared legitimate. The victim was promised high returns through trading and IPO investments. The scammers claimed to be SEBI-registered and provided bank account details to receive funds.
Fake profits used to gain trust
The victim was first shown fake profits to build credibility. Later, he was allotted shares allegedly worth ₹25 lakh. The group then demanded an 18% brokerage fee of ₹3.11 lakh. When he attempted to withdraw his funds, the fraudsters demanded a 20% tax payment and threatened that his entire trading balance would be sent to charity if he failed to comply.
Although his trading app account (RCL-PMA) displayed a balance of ₹42.86 lakh, all withdrawal attempts were blocked. The app was later found to be fake.
WhatsApp group operated by scammers
Investigators revealed that most of the WhatsApp group members were part of the fraud operation. They posed as other investors to mislead and pressure victims. Authorities have urged the public not to join suspicious online trading groups and to verify SEBI registration numbers on official websites before investing.
