Hyderabad: A 47-year-old resident of Secunderabad lost Rs 24,44,152 after fraudsters convinced him to invest in a trading app called ‘KDEOne Gold’, promising high profits.
According to the cybercrime police, the victim was first contacted by the fraudsters through WhatsApp in December last year, where the sender introduced themselves as ‘Sharanya.’
Over time, they gained the victim’s trust and convinced him to download the KDEOne Gold app from the Play Store.
The victim was promised high returns of up to 70 percent and was allowed to withdraw small amounts at first. Believing the app to be genuine, the victim invested larger amounts.
However, when the app displayed a profit balance of Rs 39 lakhs, the withdrawal option was disabled. The fraudsters then demanded additional payments towards “taxation” and “conversion charges,” claiming these were required to release the funds, which is when the victim realised he had been defrauded.
Public advisory
The police have asked not to trust offers on WhatsApp or social media that promise high profits through trading or investment platforms and to avoid downloading any investment app suggested by unknown persons.
They have warned against transferring money to personal bank accounts for trading, IPO subscriptions, taxes, or conversion charges and have asked to verify investment platforms through official financial institutions or SEBI-registered advisors.
If one falls victim to a fraud, they are encouraged to report through the helpline 1930 or through the official cybercrime website.
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