Hyderabad: An elderly man from Hyderabad lost Rs 50 lakh in an investment fraud after he joined a WhatsApp group to learn about the stock market.
The scam began when the victim joined a WhatsApp group titled “Stock Discussion Group.” The group was administered by Kunal Singh, who introduced himself as a reputed financial advisor, claiming that his stock trading guidance had brought exceptional returns for previous clients.
As per reports, the victim described the classes as highly successful, boasting returns as high as 500 per cent on specific stocks. Impressed by the conversation and the promise of high returns, the victim decided to enrol in the proposed online classes, hoping to learn strategies for stock trading and investment.
Hyderabad man loses over one lakh in cyber crime fraud
The sessions were conducted through links shared within the WhatsApp group, leading participants to join private online classes where the scammer allegedly taught market trends and specific stocks. During these sessions, the scammers directed the victim and others to invest through a platform named Skyrim Capital, which they introduced as a legitimate financial service provider.
Initially, the victim was encouraged to invest small amounts, which reportedly showed promising profits, increasing his confidence in the scheme. However, with time, the scammer convinced him to make larger investments for more significant profits, ultimately leading the victim to invest a total of Rs 50 lakh. The victim reportedly transferred this money across multiple beneficiary names and accounts, likely to evade suspicion and tracking.
However, when the victim tried to withdraw his profits, he realised it was a scam, as his withdrawal request was denied.
According to the police, scams like these are increasingly common, especially through messaging platforms where fraudsters can quickly reach and deceive a large number of people.
