Hyderabad: A businessman from Hyderabad fell prey to an online trading fraud and was duped of Rs 53.9 lakh by cyber fraudsters.
On October 28, The victim approached the Gachibowli police and filed a complaint stating that he came across an advertisement regarding online trading on Facebook by trading platform “Ubsin”. The advertisement claimed to offer expert guidance through a trading coach named “Prof Aditi Sharma.”
The fraudsters promised high returns on the investment. After registering on the website www.ubsin.net, he was contacted by a woman who identified herself as Marry, a group analyst with UBS Institutional Accounts.
The lady instructed the victim to download the trading app “UBSIN” from https://www.ubsin.in.net and guided him in setting up an account.
After he was convinced, the businessman transferred Rs 50,000 to a a beneficiary named Janaki Pradhan through a Nayagarh branch account. Over the next few weeks, he made multiple deposits totalling Rs 53.99 lakh into various accounts provided by the accused.
According to police, the fraudsters showed the complainant large “virtual profits,” displaying Rs 90.72 lakh in his wallet to gain further trust.
They later claimed that he had been allotted 6,000 shares worth Rs 27 lakh in a bank IPO and demanded an additional Rs 5 lakh as a commission to release his profits. When the victim attempted to withdraw the money, the withdrawal options were disabled and the WhatsApp group was deactivated.
The businessman realised that he was cheated and filed a complaint. The Gachiboli police registered a case and initiated an investigation.
