Hyderabad: A 43-year-old man from Hyderabad fell victim to an investment scam, losing a staggering amount of Rs 89.35 lakh.
The victim, whose identity has not been disclosed, was targeted by cyber fraudsters who lured him through a link received on WhatsApp.
The fraudsters enticed the victim with promises of lucrative returns through online stock trading and initial public offerings (IPOs). Lured by the prospect of substantial profits, the man succumbed to the fraudulent scheme and joined the trading platform.
Initially, the victim invested a modest sum, starting with a few thousand rupees. However, attracted by high returns promises displayed on virtual trading accounts created by the fraudsters, he continued to invest, eventually pouring in a total of Rs 89,35,100.
Despite his significant investments, the victim soon realized that he was unable to withdraw any funds from his virtual trading accounts. To make matters worse, he was coerced into making additional payments under various pretexts when he attempted to initiate withdrawals.
In a bid to prevent others from falling victim to similar scams in Hyderabad, the man released a video message detailing his harrowing experience. He urged the public to exercise caution and refrain from engaging with suspicious investment offers circulated via messaging platforms like WhatsApp.
