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Hyderabad, Nov.5 (Shoukat-PMI): The cybercrime unit of Hyderabad City Police warned the public about an alarming rise in online trading and investment scams, where fraudsters lure victims through social media platforms, Telegram, or WhatsApp groups promising high returns or guaranteed profits in cryptocurrency, forex, or stock trading.
In a statement here on Wednesday, the Deputy Commissioner of Police (Cyber Crimes, Hyderabad City) Dara Kavitha IPS said that these fraudsters often use fake websites, trading dashboards, or apps to show false profits and convince victims to invest more money.
The people are urged to avoid investing through unverified platforms, not to trust online profit promises. The modus operandi on online trading frauds and initial contact via social media. The fraud begins with an unsolicited message on platforms like Facebook, telegram or WhatsApp, often sent by someone posing as an investment advisor or trading agent.
The agent builds rapport with the victim and introduces a so-called online trading opportunity, promising high and quick returns. The victim is asked to make a small initial investment to begin trading.
The agent provides hand-holding support via WhatsApp, giving the illusion of legitimacy and real-time trading assistance.
The deputy commissioner of police stated that the fraudsters offer fake profits and show wallet balance display.
After the initial investment, the agent shows fake profits on a manipulated trading platform. The victim is made to believe these returns are real and withdrawable. When the victim tries to withdraw funds, he is told to pay various “processing fees”, such as tax payments, currency conversion charges, withdrawal fees, compliance charges, the police commissioner said.
He said each time a payment is made, a new reason is invented to demand more money. If the victim hesitates or questions the process, scammers use fear tactics like threatening legal action claiming the wallet or funds will be frozen or lost. Eventually, the victim realises the operation is a scam and reports the incident via 1930 – National Cybercrime Helpline or cybercrime.gov.in
The police commissioner advised the people not to indulge in online trading frauds. The people are asked to verify before investing and always verify the authenticity of trading platforms, investment advisors, and agents before making any financial commitments.
He asked the people to check for official registration and licenses with SEBI (Securities and Exchange Board of India) and credible reviews. The people are advised to avoid platforms contacted through unsolicited messages on social media.
The people are asked to be cautious of promises of quick, high, or guaranteed returns and do not share personal or banking details.
The police commissioner said that fraudsters often invent reasons like taxes, withdrawal charges, or compliance fees to extract more money and genuine trading platforms never ask for money.
The police urged the people to report the suspected frauds to the National Cybercrime Helpline (1930) or online at cybercrime.gov.in. The people are urged to approach the latest cyber awareness updates follow us on https://www.facebook.com/cybercrimepshyd, https://www.instagram.com/cybercrimepshyd, https://x.com/CyberCrimeshyd/. (Pressmediaofindia.com))
