Another innocent citizen has become a victim of an internet scam in Hyderabad this time, an 80-year-old man from Tolichowki, who lost more than Rs 19 lakh to a fake insider trading scam.
The victim told the police that he was browsing news on the internet on July 18, when he came across a false news report with an interview of a TV anchor based in Tamil Nadu by the name “Saadu Saduguru,” which stated that he made additional money from investment in the stock market.
Intrigued, the victim clicked on the linked link and was subsequently contacted by a man representing himself as Saim, an “accounts manager” for a company named Ifex Capital. Saim first made what appeared to be legitimate financial advice and offered exponential investment returns.
Gradually, the scammer persuaded the elderly man to invest Rs 19,09,905, claiming it would result in massive profits. Later, the victim was asked to deposit an additional Rs 10 lakh to “unlock” a supposed return of USD 100,000 (approximately Rs 84 lakh). When the victim refused to pay more, he was told he would never recover his previous investment—only then did he realise it was a scam.
In order to gain the trust of their victims, the scammers used fake documents allegedly from the Financial Services Commission (FSC) and the Securities and Exchange Board of India (SEBI) to make the operation seem credible.
Reacting to the case, Hyderabad Cyber Crime Police have also asked people to be careful while surfing on the internet, particularly while clicking on investment scheme advertisements. They have also asked people to check the genuineness of financial websites and not share banking or personal details with strangers.
