Hyderabad: Two Separate Cases of Stock Market Investment Fraud Unfolding

Strategic Insights -

A 50-year-old businessman and a 61-year-old retired employee have fallen victim to stock market investment fraud, losing a total of Rs 5.25 crore in two separate incidents. The victims were lured by fake WhatsApp groups and fraudulent stock trading sites, with promises of high returns and profits. However, when they attempted to withdraw their money, they were met with demands for commissions and taxes. The cases were registered by the Telangana cyber security bureau and Hyderabad cybercrime police after the victims filed complaints.

Key Takeaways:

  • A 50-year-old businessman from Manikonda lost Rs 3.61 crore in a stock market investment fraud after being lured by a WhatsApp group called ÇÿD2 High Network'.
  • The victim was shown a demo account with 15% returns on his initial investment, prompting him to pump in money over 45 days.
  • The fake website displayed a profit of Rs 27 crore, but when he tried to withdraw, fraudsters demanded a 1% commission and an identical amount as tax.
  • A 61-year-old retired employee from Barkhatpura lost Rs 1.64 crore in a similar incident, after being lured by a WhatsApp message from one Priya Sharma, who claimed to be the assistant of Suresh Malhotra, chief strategy officer of Anand Rathi Group.
  • The victim was inducted into two WhatsApp groups, where he downloaded a fraudulent AR app and transferred money to 12 bank accounts.
  • The app displayed a profit of Rs 8.05 crore, but a 10% processing fee was sought when he attempted to withdraw Rs 80,000.
  • The victims approached the police after being unable to establish contact with the fraudsters.

Statistics:

  • Total loss: Rs 5.25 crore
  • Number of victims: 2
  • Loss per victim: Rs 2.625 crore
  • Number of bank accounts involved: 12
  • Number of WhatsApp groups involved: 3
  • Number of days taken to identify the fraud: 45 days
  • Date of filing of complaint by first victim: Not specified
  • Date of filing of complaint by second victim: Not specified

Sources:

  • "Times of India" article, exact date not specified
  • Telegram group ÇÿD2 High Network', linked to the first victim
  • Stock trading company IIFL Securities, mentioned in the first victim's complaint
  • WhatsApp message from Priya Sharma, linked to the second victim
  • AR app downloaded by the second victim