Hyderabad: Cyber Crime Police Hyderabad registered a case of online trading fraud after a 38-year-old Asifnagar resident lost ₹27.05 lakh to fraudsters. The scammers lured him through a fake mobile application and a WhatsApp group by promising high investment returns.
The victim first found an online trading page on Facebook, according to police. Soon after, scammers added him to a WhatsApp group. The group administrators posed as trading experts and shared fake screenshots showing massive profits to gain his trust.
The fraudsters then convinced the victim to download a trading app called ADVPMA. He began with an initial investment of ₹10,000. Over time, the scammers persuaded him to invest larger amounts. In total, he transferred ₹27.05 lakh through multiple transactions.
Online trading fraud exposed after withdrawal attempt
The app displayed a wallet balance of ₹81.69 lakh, including alleged profits. When the victim tried to withdraw the amount, the fraudsters blocked the request. They later demanded an additional ₹50 lakh to release the funds.
After realising the scam, the victim approached the authorities and filed a complaint. Officials explained that such scams commonly use fake apps that inflate wallet balances while blocking withdrawals.
Cybercrime officials urged citizens to verify trading platforms before investing. They also warned against schemes promising quick or guaranteed returns. Authorities advised people not to share banking details, OTPs, or UPI PINs. They also cautioned against paying so-called processing or withdrawal fees.
Officials asked victims and suspected targets to report cyber fraud immediately to the National Cybercrime Helpline at 1930 or through the official cybercrime reporting portal.
