Hyderabad: A 38-year-old man from Asifnagar was recently duped of Rs 27.05 lakh in an online trading fraud in Hyderabad.
According to the Cybercrime police, the victim came across an online trading page on Facebook and was later added to a WhatsApp group by its administrators. The scammers lured him into investing by promising high returns and sharing false screenshots showing major profits.
Acting on their instructions, the victim downloaded a trading application named ADVPMA and initially invested Rs10,000. Encouraged by initial profits, the victim invested Rs 27.05 lakh. The application showed total balance of Rs 81.69 lakh, including profits.
When he attempted to withdraw the amount, the fraudsters blocked the transaction and demanded an additional Rs 50 lakh for various charges. Realising that he had been duped, the victim approached the police and lodged a complaint on Monday.
The cybercrime police registered a case and the investigation is underway.
