Trading App Scam: Doctor duped of Rs 32.85 lakh
Cyber Fraud
Hyderabad: Cyber fraud, which is growing rapidly, has once again targeted a doctor from Hanamkonda, who lost Rs 32.85 lakh after investing in a trading app promising high returns.
The victim, a 48-year-old doctor, made 14 transactions totalling Rs 32.85 lakh in hopes of earning more money through trading, only to find out that he had been duped by the fraudsters.
Following his complaint, the Telangana Cyber Security Bureau has registered a case under the Warangal Police Commissionerate and has launched an investigation into the matter.
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As per a recent media report by Deccan Chronicle, the incident came to light after the doctor came across a WhatsApp link titled 'The Gate of Wealth' while browsing online. After joining the group, he was added to another channel named ‘C2 Learning Group’, run by two people identifying themselves as Ram Manohar and Priya Mehta.
In the group, the fraudsters advised the members to invest in a trading app and promised to share tips for high returns. Encouraged by them, the members downloaded an app named ‘FaerPE’ from the Google Play Store at the direction of the fraudsters.
After downloading the application, the fraudsters asked the members, including the doctor, to open an account and start investing. At first, the doctor invested Rs 20,000 and received small returns.
When the profit boosted his confidence, the doctor decided to invest a large amount to earn more money. As a result, he followed the group’s trading instructions and transferred a total of Rs 32.85 lakh through 14 transactions.
When he tried to withdraw Rs 10 lakh from his trading balance, the fraudsters demanded Rs 6.96 lakh as a 'profit-sharing fee'. When he refused, they stopped responding.
Realising he had been scammed, the doctor approached the Warangal police to file a complaint against the accused. A case has been registered by the Telangana Cyber Security Bureau, and an investigation is underway.
Also read- Doctor duped of Rs 3.43 crore in investment scam; 1 arrested
