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Saidabad man loses ₹74.3 lakh in fake investment scam via WhatsApp

by HNH Web Desk
26-06-25 19:20 PM
fake investment scam

Hyderabad: A 50-year-old resident of Saidabad has reportedly lost ₹74.30 lakh to an elaborate online investment scam operated through fake platforms posing as “Citadel” and “Axis Securities.”

According to the complaint filed with the Cyber Crime Police Station, the victim was contacted on WhatsApp on May 18, 2025, by individuals claiming to represent the two financial firms. They shared links advertising daily returns between 8% and 20%.

The victim initially transferred ₹1 lakh to each platform via IMPS and received ₹8,000 in returns on May 20, leading him to believe the schemes were authentic. He was then persuaded to invest further under claims of high-profit IPO stock trades, promising returns as high as 240% and 320%.

Between May 23 and June 13, the victim transferred ₹31 lakh to Citadel and ₹43.30 lakh to Axis Securities. The platforms later demanded an additional ₹83 lakh and ₹70.70 lakh, allegedly promising ₹7.5 crore in returns. The victim refused and then realized the fraud.

Though the fake apps currently show inflated account balances of ₹1.26 crore (Citadel) and ₹2.62 crore (Axis Securities), the victim has been unable to withdraw any funds. The scam reportedly involved multiple bank accounts and impersonation of reputed financial entities.

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