Hyderabad Cyber Fraudsters Dupe Retiree of ₹6.8 Crore in App-Based Stock Trading Scam

Strategic Insights -

A 61-year-old retired employee was allegedly conned out of ₹6.8 crore by a group of cyber fraudsters in an app-based stock trading scam. According to the complainant, a resident of Hyder Nagar, he was added to a WhatsApp group named 'VIP A37 Stock Market Success Strategies Group' in August by a fraudster, who introduced himself as Karim Varma. The victim was coaxed into downloading two trading applications and transferring ₹50,000 via IMPS on August 11. Over the next few weeks, the victim made 31 high-value RTGS and NEFT transfers, ranging from ₹2 lakh to ₹94.1 lakh, into nearly a dozen bank accounts. By September 11, the in-app balance displayed ₹14.7 crore. However, when the victim tried to withdraw ₹1.5 crore, the fraudsters demanded a 15% capital gains tax of ₹2.2 crore, raising suspicion. Realising he was scammed, the victim filed a complaint with the National Cyber Crime Reporting Portal and approached the TGCSB on Monday.

Key Takeaways:

  • A 61-year-old retired employee was duped out of ₹6.8 crore by a group of cyber fraudsters in an app-based stock trading scam.
  • The victim was added to a WhatsApp group named 'VIP A37 Stock Market Success Strategies Group' in August by a fraudster, who introduced himself as Karim Varma.
  • The victim downloaded two trading applications and transferred ₹50,000 via IMPS on August 11.
  • Over the next few weeks, the victim made 31 high-value RTGS and NEFT transfers, ranging from ₹2 lakh to ₹94.1 lakh, into nearly a dozen bank accounts.
  • The in-app balance displayed ₹14.7 crore by September 11.
  • The victim tried to withdraw ₹1.5 crore but was asked to pay a 15% capital gains tax of ₹2.2 crore, raising suspicion.
  • The victim filed a complaint with the National Cyber Crime Reporting Portal and approached the TGCSB on Monday.
  • A case was registered under sections 66-D of the Information Technology Act and Sections 318(4), 319(2), and 338 of the Bharatiya Nyaya Sanhita.
  • The cybersecurity bureau team is analyzing the fraudulent transactions to identify the accused.

Statistics:

  • ₹6.8 crore: The amount allegedly duped by the cyber fraudsters.
  • ₹50,000: The amount transferred by the victim via IMPS on August 11.
  • 31: The number of high-value RTGS and NEFT transfers made by the victim over the next few weeks.
  • ₹2 lakh to ₹94.1 lakh: The range of amounts transferred by the victim into nearly a dozen bank accounts.
  • ₹14.7 crore: The in-app balance displayed by September 11.
  • ₹1.5 crore: The amount the victim tried to withdraw but was asked to pay a 15% capital gains tax of ₹2.2 crore.
  • 15%: The capital gains tax demanded by the fraudsters.
  • ₹2.2 crore: The capital gains tax demanded by the fraudsters.

Sources:

  • Times of India - "Cyber fraudsters allegedly dupe 61-year-old retiree of ₹6.8 crore" (no date mentioned)
  • National Cyber Crime Reporting Portal - complaint filed by the victim (no date mentioned)
  • TGCSB - case registered under sections 66-D of the Information Technology Act and Sections 318(4), 319(2), and 338 of the Bharatiya Nyaya Sanhita (no date mentioned)