₹7.8 Million Lost to Online Trading Scam Involving Fraudulent WhatsApp Contact and Fake App
Rachakonda cybercrime police have registered a case after a 42-year-old businessman was defrauded of more than ₹7.8 million in a sophisticated online trading scam.
According to the complaint, the victim accessed a trading website in August and was redirected to a WhatsApp contact posing as a support executive. Claiming to represent a legitimate platform, the fraudster persuaded him to invest large sums with promises of high returns. To build credibility, the scammer shared generated login credentials through a link and screenshots of alleged investor profits.
Believing these, the businessman disclosed personal details, including his Aadhaar number, PAN, and bank account information. He was granted access to an app mimicking a trading interface, complete with stock listings, share allotments, and profit charts.
On August 21, he made an initial transfer of ₹43,500 to a designated account. The amount was converted into USDT and credited to his wallet, which soon reflected a profit of ₹10,000. Encouraged, he invested further, transferring ₹1.15 million, which appeared to grow to ₹4.42 million (approx. 50,890 USDT).
He was allowed to withdraw ₹130,000 early on, reinforcing the illusion of legitimacy. However, subsequent withdrawal attempts were blocked. His account was frozen, and he was instructed to deposit additional funds to reactivate it. Despite complying, his account remained inaccessible.
In total, the victim invested ₹8.038 million and recovered only ₹191,000, incurring a net loss of ₹7.846 million.
BrokersView Reminds You
The public should exercise extreme caution when engaging with online trading platforms, especially those operating through unofficial channels or messaging apps.
Avoid investment offers from unknown WhatsApp contacts, especially those promising unrealistic returns with minimal effort. Such tactics are commonly used in fraudulent schemes.
If you suspect a website is fraudulent or have fallen victim to a financial scam, you can Submit a Complaint to BrokersView.
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