Telangana Sees Rise in Stock Market Investment Fraud

Strategic Insights -

A 50-year-old businessman and a 61-year-old retired employee were duped out of Rs 5.25 crore in two separate incidents of stock market investment fraud in Telangana. The victims, who lodged complaints, were lured into investing in fraudulent schemes through WhatsApp groups and websites. They were promised high returns, but were later asked to pay commissions and taxes, leading to significant losses. The cases have sparked concern about the rise of stock market investment fraud in Telangana.

Key Takeaways:

  • A 50-year-old businessman from Manikonda lost Rs 3.61 crore in a stock market investment fraud after being guided to a website called iiflcapital.top through a WhatsApp group called "D2 High Network".
  • The victim was shown a demo account displaying 15% returns on his initial investment, prompting him to pump in Rs 3.61 crore over 45 days.
  • The fraudsters posed as customer-care executives demanding a 1% commission and an identical amount as tax when the victim tried to withdraw his funds.
  • The victim visited the office of IIFL Securities in Delhi and found out that Sneha Sarda, the person who launched the scam, was not employed with them.
  • A case was registered by the Telangana cyber security bureau (TGCSB) against the perpetrators.
  • A 61-year-old retired employee approached cybercrime sleuths alleging that he was duped out of Rs 1.64 crore in a similar scam.
  • The employee was lured into investing in a scheme through a WhatsApp message from a person claiming to be the assistant of Suresh Malhotra, chief strategy officer of Anand Rathi Group.
  • The victim was inducted into two WhatsApp groups run by persons posing as executives of a brokerage firm, and informed to download an AR app to facilitate the investment.

Statistics:

  • The total amount lost by the two victims in the stock market investment fraud is Rs 5.25 crore.
  • The amount lost by the 50-year-old businessman is Rs 3.61 crore.
  • The amount lost by the 61-year-old retired employee is Rs 1.64 crore.
  • The number of bank accounts used to transfer the victim's money in the second case is 12.
  • The profit displayed by the app in the second case is Rs 8.05 crore.

Sources:

  • TIMES NEWS NETWORK Hyderabad: A 50-year-old businessman from Manikonda and a 61-year-old retired employee from Barkhatpura lost Rs 5.25 crore in two separate incidents of stock market investment fraud.
  • TIMES NEWS NETWORK Hyderabad: In his complaint, the victim from Manikonda stated he was invited to a WhatsApp group called 'D2 High Network' by a woman identifying herself as Sneha Sarda.