Cyber fraudsters dupe 2 Vizag residents of over Rs 3 crore

Visakhapatnam: Cyber fraudsters posing as stock trading advisors duped two city residents of more than Rs 3 crore in separate incidents, highlighting the growing menace of online investment scams.In the first case, a 50-year-old man received a phone call from individuals claiming to represent the Angle One App trading team. He was added to a WhatsApp group where a man identified as Ambarish Khenge regularly sent trading tips. Convinced the group was genuine, the victim invested Rs 1.45 crore between November 2025 and Jan 2026, lured by promises of 30% profits. The portal dashboard reflected large gains, but when he attempted to withdraw, he was asked to pay commissions and additional taxes. Eventually, the site became inaccessible, and he realised he had been cheated. Cybercrime police registered a case under the Information Technology Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS).
In another incident, a 40-year-old man came across a Facebook group operating under the banner of Standard Chartered Securities and Acumen Capital Group through a profile named Grow Team. Fraudsters posing as experts guided him to invest in stocks, transferring money into multiple accounts. The portal showed huge profits, but his withdrawal requests were denied. He was asked to pay Rs 1.3 crore as service tax, and ultimately lost Rs 1.5 crore. Police registered a case under the IT Act and BNS.Officials said salaried employees, businessmen, and pensioners are prime targets of such scams, which exploit the desire for quick and hefty returns. They warned that online investment frauds are on the rise, with criminals using social media platforms to lure unsuspecting victims.The police appealed to citizens to verify the authenticity of trading platforms, avoid transactions based on unsolicited advice, and exercise caution when approached through WhatsApp groups, Facebook pages, or other online forums. They stressed that legitimate financial institutions do not operate through random social media groups and urged netizens to report suspicious activity immediately.These cases underscore the need for greater awareness and vigilance as cybercriminals continue to exploit loopholes in digital platforms to defraud investors.