Hyderabad: A trader from Bibinagar lost ₹1.64 crore to cybercriminals who lured him with promises of high returns through a fake US stock trading website. The victim came across a fraudulent website while browsing online, which claimed expertise and credibility in free-market investments.
Trusting what looked like a promising investment site, a trader signed up—only to find himself in the middle of an elaborate scam. Shortly after registering, he was added to a WhatsApp group and assigned an “advisory representative” who began walking him through trades step-by-step.
He followed instructions to open a trading account using his personal bank details and was told to install a separate app. His first investment was ₹43,000. To build credibility, the scammers deposited ₹4,250 into his account—just enough to make things look legitimate.
Convinced the platform was the real deal, the victim started investing more. Over a series of transactions, the amounts grew. The fraudsters claimed his money was being converted into US dollars for trading on American markets. On the app, his screen showed a jaw-dropping balance of about $300,000.
It was all smoke and mirrors.
When the victim attempted to withdraw, he was told to pay 20% tax upfront. Believing the claim, he transferred ₹50 lakh to the specified accounts. Eventually, the fake trading platform erased the balance display, and contact was severed.
In total, the trader deposited ₹1.66 crore across multiple accounts. Though ₹1.93 lakh was credited back as a “profit”, he realised he had been duped and approached the Rachakonda Cybercrime police. A case has been registered, and an investigation is underway.
