Cybercrime officers in Hyderabad are investigating a case where a 52-year-old private sector employee lost Rs 2.36 crore after falling victim to a fake online trading scheme. The man was persuaded through a WhatsApp group that posed as an artificial intelligence-driven investment community.
Scam details
According to a report by the420, the victim told police that he had been added to a WhatsApp group called Shoonya. The group promoted itself as an exclusive trading hub offering AI-backed stock tips, strategies, and tutorials.
To build confidence, the accused directed him to use a mobile application that displayed fictitious profits on his trades. Encouraged by what appeared to be successful investments, he began transferring larger sums of money, including for initial public offerings. Each attempt to withdraw his balance was blocked with explanations that more payments were required.
Over time, the employee deposited a total of Rs 2,36,40,000 across several transactions. He eventually realised he had been deceived when no returns were released. Police have now booked a case under cybercrime provisions and launched a probe.
Tips for safety
Rely only on trading platforms registered with market regulators.
Treat unsolicited WhatsApp groups and Telegram channels with suspicion.
Avoid schemes that promise fixed or unusually high profits.
Verify withdrawal processes before committing large sums.
Report questionable platforms or apps to cybercrime helplines immediately.
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