Hyderabad: A 38-year-old resident of Asifnagar lost over ₹27 lakh in an online trading scam after falling prey to fraudsters who lured him through a Facebook advertisement and added him to a fake WhatsApp group. The scammers persuaded him to invest using a mobile application named ADVPMA, which displayed fake profits while blocking withdrawal attempts.
According to Cyber Crime Police, the victim began by investing ₹10,000. Encouraged by false profit screenshots, he continued transferring funds until his total investment reached ₹27,05,000. Although the app showed a balance of ₹81.69 lakh, it locked the victim out when he tried to withdraw his earnings. Instead of releasing the funds, the fraudsters demanded an additional ₹50 lakh, prompting the victim to realise he had been duped.
Online trading fraud Hyderabad: Cyber police warn public to stay alert
The police have issued a strong advisory to prevent similar incidents and urged citizens to remain vigilant:
- Verify trading platforms: Always check if the app or service is SEBI-registered. Avoid links or promotions received via unsolicited messages.
- Be cautious of high-return claims: Legitimate investments carry risk. Promises of guaranteed profits are a red flag.
- Protect personal details: Never share banking information, passwords, OTPs, or UPI PINs with unknown contacts.
- Refuse extra payment demands: Authentic platforms do not ask for processing fees, taxes, or withdrawal charges.
- Watch for manipulated wallet apps: Repeated withdrawal issues, inflated balances, or app glitches indicate fraud.
- Resist coercion: Do not fall for fear tactics or threats used to extort more money.
- Report immediately: Call the National Cybercrime Helpline at 1930 or file a complaint at cybercrime.gov.in.
To stay informed about online safety, follow Hyderabad Cyber Crime Police on Facebook, Instagram, Twitter, YouTube, and their official WhatsApp channel.