Hyderabad: A major online fraud has come to light in Hyderabad, where a woman, wife of a former IPS officer, lost Rs 2.58 crore after falling prey to cybercriminals posing as stock market advisors. The scam reportedly revolved around a fraudulent online stock trading application.
According to the complaint filed by the woman with the local police, the cybercriminals initially contacted her through WhatsApp. They shared several advertisements and promotional messages about lucrative stock market investments on an online trading platform. Believing the investment opportunity to be genuine, the woman transferred a total of Rs 2.58 crore over a span of ten days.
However, when the promised returns failed to materialize, the woman realized that she had been defrauded. She immediately approached the police to file a formal complaint. The local authorities have launched an investigation and are actively tracing the perpetrators behind the scam.
Rising Trend of Sophisticated Cyber Frauds
This incident is not an isolated case. Cybercrime experts have noted a rising trend of sophisticated digital scams in Hyderabad and across India. Last September, a 68-year-old resident of Hyderabad’s Humayun Nagar was cheated of Rs 26 lakh by fraudsters impersonating officials from the Anti-Terrorist Squad (ATS), National Investigation Agency (NIA), and even the Director General of Police (DGP).
In that case, the scammers initiated contact with the victim over a phone call, falsely claiming his involvement in money laundering and terrorism linked to the Pahalgam terror attacks in Jammu and Kashmir, which had claimed 26 lives. The accused then conducted WhatsApp video calls, presenting fake arrest warrants and fabricated documents to intimidate the victim, threatening him with immediate arrest unless he complied with their demands.
Police Response and Precautions
Authorities have urged citizens to exercise extreme caution when dealing with unsolicited messages and calls regarding financial investments or government notices. Experts recommend verifying the authenticity of any trading application or financial offer before transferring funds.
The Hyderabad police are currently investigating the latest Rs 2.58 crore fraud case and have promised to take all necessary measures to apprehend the culprits.
