Online fraud: 8 lose over Rs 3.5 crore in fake stock trading scams after social media lures in Vizag

VISAKHAPATNAM: Eight people from different parts of Visakhapatnam have approached the cybercrime police, reporting losses of over Rs 3.5 crore in stock market investment frauds.One of the victims, a 55-year-old private sector employee, said he lost around Rs 1.45 crore. According to his complaint, he befriended a woman on Facebook and, after weeks of interaction, they exchanged mobile numbers. The woman later called him on WhatsApp and persuaded him to invest in what she claimed was a profitable online trading opportunity.She shared a web link that led to a look-alike trading platform, where the man was registered as a high-net-worth client after submitting his phone number and other details. He initially transferred Rs 5,000 and was shown small returns in his online wallet to gain his trust. Encouraged by the apparent profits, he continued investing larger amounts.Each attempt to withdraw money led to fresh demands for commission, and the victim transferred funds to multiple bank accounts shared by the fraudsters. When the operators blocked his access and refused to allow any withdrawal, he realised he had been cheated. In total, he lost a little over Rs 1.45 crore.In another case, a 35-year-old man from the city alleged that he was introduced to a fake stock trading platform by a woman on Telegram, resulting in a loss of around Rs 73 lakh. Posing as a stock analyst, the woman guided him to invest money. The victim borrowed funds from friends and family and transferred money to different bank accounts. Although his virtual balance on the fake platform grew to crores, the fraudsters demanded more money when he tried to withdraw.Similarly, six more people lost over Rs 1.32 crore in investment-related cyber frauds. All of them have approached the Visakhapatnam city police seeking action against the fraudsters and recovery of their money.Police said cyber investment scams are on the rise in Visakhapatnam and other parts of Andhra Pradesh. Fraudsters use attractive offers and promises of high returns to lure people into fake or misleading investment schemes. Victims include even tech-savvy youngsters.“We have been advising the public not to trust social media posts or advertisements promoting online trading schemes. Anyone planning to invest should visit authorised trading offices and seek proper guidance,” a police officer said.