Hyderabad: Q app investment fraud allegations surfaced in a village in the Kodad constituency after the app reportedly shut down within two weeks.
Victims alleged that operators collected Rs. 53,250 from each person as an investment. Around 40 people are reportedly believed to have invested money in the scheme.
According to the victims, the operators promised returns of up to Rs. 1,800 every day. They also allegedly promised that investors could withdraw up to Rs. 12,600 in cash every week.
Initially, the app reportedly appeared to function normally. The early activity and apparent returns encouraged more people to consider investing in the scheme.
However, the situation changed after the app suddenly stopped working after about two weeks. Investors then reportedly found that their investment and transaction details were no longer visible on the platform.
The development left investors worried about recovering their original money. They also said the income they expected from the scheme had stopped.
Q app investment fraud raises questions over money
Victims said around 40 people may have lost money through the scheme. If that figure is accurate, the reported amount collected could be significant, based on the Rs. 53,250 investment allegedly taken from each person.
Questions have now emerged about who operated the Q app and where the investors’ money went. Investors are also seeking clarity on why the promised payments stopped after the app closed.
The affected investors have sought the return of their money. They have also requested a detailed inquiry into the matter and action against anyone found responsible.
Meanwhile, the incident has prompted concerns about schemes that promise unusually high returns. Several people have urged potential investors to remain cautious before putting money into apps or online investment schemes based on such promises.
The available information contains allegations from the victims and does not establish who operated the app or where the funds were transferred. Further details about any official investigation were not provided in the source.