Fraudsters Target Hyderabad Residents with Fake Trading and Purchase Orders: Two Major Scams Uncovered
Despite the scam promising a profit of ₹1.3 crore in business, the victim only received ₹200 in his account, prompting a cybercrime investigation.
A 40-year-old IT professional from Miyapur, Hyderabad, was duped of ₹38.62 lakh in a trading scam after falling prey to an advertisement on Instagram. Despite the scam promising a profit of ₹1.3 crore in business, the victim only received ₹200 in his account, prompting a cybercrime investigation.
Table of Contents
Scam Begins with a WhatsApp Group and False Promises of High Returns
The victim, initially intrigued by the scam, joined a WhatsApp group where a woman, introduced as “Priya Sharma,” convinced him of the high-profit potential in trading. She recommended an app called “ASK Investment Company,” which purportedly dealt with black trades and upper circuit stocks.
The victim, influenced by the testimonials and screenshots provided by other members of the WhatsApp group, made his first investment of ₹50,000. Over time, he increased his investment to ₹14.87 lakh, transferring a total of ₹38.62 lakh through both his own and his wife’s accounts.
Fraudsters Demand ₹18 Lakh for ‘Tax Clearance’
The scam escalated when Priya Sharma claimed that the victim had made ₹1 crore in profits. However, before he could withdraw any funds, she demanded an additional ₹18 lakh for “tax clearance.” When the victim questioned why the tax couldn’t be deducted from his profits, she insisted that it be paid separately. This demand led him to realize he was being scammed, but by then, the money was already gone.
Another Scam Involving Fake Business Transaction
In a separate incident, a 55-year-old man from Hyderabad was scammed out of ₹1,17,646 while searching for transmission line tools on IndiaMart. The fraudsters, posing as a joint account named “US Enterprises,” communicated with the victim over the phone and provided fake purchase orders. After making the payment on April 5, the victim received no consignment, and the fraudsters continued to send fake receipts and shipping documents via WhatsApp.
Cyber Crime Police Launch Investigation
Cyberabad Cyber Crime ACP Shiva Maruthi confirmed that the police were investigating both cases based on the victims’ complaints. He urged the public to immediately call 1930 when encountering similar scams to report the incident and assist in identifying the fraudsters.
As online scams become more sophisticated, authorities continue to advise caution when investing in unfamiliar platforms and when making payments to unknown entities.
