Two from Hyderabad lose lakhs in online trading scam

Two men from Hyderabad fell victim to an online trading scam that began on Instagram and cost them a total of over ₹10 lakhs. A 41-year-old resident of Shaikpet and a 42-year-old from Somajiguda were duped after being lured by fake investment schemes, said an officer from the Hyderabad cyber crimes wing.

The victims were added to WhatsApp groups where multiple users, likely fake profiles, posted scripted success stories to create an illusion of legitimacy. A woman identifying herself as Sahana Iyengar, who claimed to be a receptionist or assistant to a professor, guided them through the process. She persuaded them to download a trading app and invest money under the pretext of purchasing shares.

One victim invested ₹2 lakh, while the other put in ₹8.39 lakh over time. The app displayed fabricated profits, with one account even showing an inflated balance of ₹90 lakhs. However, when the victims attempted to withdraw their money, they were either told to pay a 10% service fee or were blocked altogether.

By the time they realised it was a scam, they had lost all contact with the fraudsters and their money was gone.

Victims of cyber fraud should immediately dial 1930 or lodge a complaint at cybercrime.gov.in. For emergencies, contact 8712665171.