Cyber Fraud in Trading: Millions Lost in Deception

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Key Highlights:

• High returns promised, but victims fall into traps.

• Multiple bank accounts used for deposits.

• Victims fail to suspect fraudulent activities.

• Cybercriminals swindle crores through trading scams.

Hyderabad, May 13 (Shoukat-PMI):Cybercriminals are orchestrating trading frauds and looting crores. Within just one police commissionerate’s jurisdiction, daily losses of ₹1-2 crores are reported. Across the state, scams related to trading alone amount to nearly ₹5 crores daily. Surprisingly, many victims are highly educated individuals.

In legitimate trading, transactions should be conducted only through the Demat account linked to a brokerage firm. However, victims, despite their education, fail to recognize this basic rule. Cybercriminals exploit this by providing login credentials to their fake apps and websites, convincing victims to buy stocks through them. Victims are asked to deposit money into various bank accounts via UPI and online banking, which should have raised suspicions, but instead, they fall completely into the trap.

For instance, within the jurisdiction of Rachakonda Commissionerate, cybercriminals scammed nearly ₹2 crores in trading-related frauds in a single day.

Case Studies:

1. Scientist’s Wife Loses ₹62 Lakhs

   • A retired scientist’s wife from Balapur was added to a WhatsApp group named “Avraigfin NNMS116,” where an admin named “Divya Sharma” suggested profitable trading strategies.

   • Starting with an investment of ₹20,000, she was shown initial profits, leading to a belief in the scheme.

   • She invested ₹45 lakhs in an IPO subscription for 1,69,604 shares, which reportedly yielded ₹46 lakhs in profit.

   • However, withdrawing these profits required a 20% commission payment, followed by an additional 30% as income tax.

   • Despite these payments, the money could not be withdrawn. Ultimately, she lost ₹62,02,180 across 28 transactions deposited into 28 different bank accounts.

2. Businessman Duped of ₹53 Lakhs

   • A trader from Dilsukhnagar joined a WhatsApp group called “K109 Blinks Wealth Guidance” and later downloaded a trading app with the same name.

   • Initially, small investments showed profits. The fraudsters then claimed that shares were available at a 30% discount, prompting the trader to invest ₹55.25 lakhs.

   • While he was given a ₹2 lakh profit initially, the remaining ₹53 lakhs vanished, deposited into 12 different bank accounts.

3. Salaried Employee Loses ₹20.72 Lakhs

   • A private employee from Saroornagar responded to a message from “HSBC Trading Agency” on WhatsApp, mistaking it for a legitimate company.

   • Following the group’s advice, he downloaded their app and started trading. Over multiple transactions, he invested ₹20.72 lakhs across 13 bank accounts, ultimately being scammed.

Key Learnings for Victims:

• Verify the authenticity of trading platforms and apps.

• Avoid transactions with multiple bank accounts or suspicious intermediaries.

• Be cautious of unsolicited messages or offers of high returns.

• Conduct independent research and consult financial experts before investing.

Call to Action:

Authorities and organizations need to:

• Raise public awareness about cyber fraud.

• Investigate and clamp down on such activities.

• Identify and shut down fraudulent apps and websites.

Victims must stay vigilant and report any suspicious activity immediately to prevent further loss.(pressmediaofindia,com)