Hyderabad: A 40-year-old software engineer from Kondapur was allegedly cheated of Rs 25.85 lakh in an online investment scam.
The fraud involved a fake trading application and WhatsApp groups that promised unusually high returns from the stock market.
Modus operandi
According to the complaint, the victim was added to a WhatsApp group. Promising guaranteed profits, the group administrators encouraged members to download a trading app, complete KYC formalities, and invest money.
The complainant said that two people who introduced themselves as Ananya Kulkarni and Prof. Gul Tekchandini guided him through the process. They claimed to be experienced trading experts.
The victim first invested Rs 20,000. He was allowed to withdraw Rs 3,000, probably to build his trust.
Believing the platform was genuine, he continued investing over the next few weeks and transferred a total of Rs 25.88 lakh. The fake trading app also allegedly showed virtual profits of Rs 1.17 crore.
However, when he tried to withdraw his funds, the fraudsters allegedly demanded an advance commission before processing the payment. Soon after, the withdrawal option on the app was allegedly disabled, and the accused allegedly stopped responding to the victim’s messages.
Complaint lodged
After realising he had fallen victim to an investment scam, the software engineer approached the Cyberabad cybercrime police and filed a complaint.
Police registered a case and have started an investigation.
