Hyderabad: A retired government employee was duped of Rs 61.95 lakh in a trading scam in Hyderabad on Friday. May 30.
Following the incident, the man approached the cybercrime unit of the Hyderabad police and filed a complaint. The complainant stated that the trouble began on March 27 when he made an initial investment of Rs 21,000 on a trading platform.
After a while, a scammer posing as a trading advisor began coaching him on international stock markets and persistently pushed him to invest larger amounts, citing margin requirements and the risk of fund losses.
Despite his repeated pleas to exit the scheme and requests to withdraw his funds, the scammer refused and manipulated him into investing more with promises of doubling the amount and withdrawing later. His online account dashboard falsely showed profits of about USD 75,000, adding to the deception.
While the victim was recently out of town, the scammer began pressuring him over phone calls to transfer Rs 10 lakh to maintain the margin urgently. A second person joined the call and escalated the pressure.
When the victim refused and disconnected, another scammer contacted him with false promises of recovering the funds but again demanded payment. In severe financial distress, the victim stopped responding to the calls and approached cyber crime officials, who have launched an investigation into the case.
Follow on Twitter | Posted by Mohammed Baleegh | 
