Man loses ₹43 lakh in online share trading scam in Hyderabad

A 63-year-old man in Hyderabad was allegedly cheated out of ₹43 lakh by cyber fraudsters who lured him into a fake online share trading scheme.

The victim was initially contacted via WhatsApp by someone claiming to represent a private financial institution. The individual offered opportunities to invest in IPO allotments and participate in share trading, promising high returns.

According to Hyderabad cybercrime officials, the fraudsters used convincing tactics to gain the victim’s trust. They presented fabricated dashboards showing fake profits and claimed that the trades were part of a qualified institutional placement (QIP).

To make the offer appear genuine, the scammers allotted more shares than the victim had funds for, calling the shortfall a “non-interest loan.” They later used this to pressure him for additional payments, even threatening to freeze his accounts if he failed to comply.

The man grew suspicious when he was denied withdrawal of his funds. Realising he had been scammed, he approached the police and filed a complaint. A case has been registered, and an investigation is underway.

The cybercrime police have urged the public to remain cautious and not trust individuals claiming to represent reputed financial or trading institutions without proper verification.