HYDERABAD, Dec 23: The Cybercrime Unit of Hyderabad City Police on Tuesday issued a strong public warning amid an alarming rise in online trading and investment frauds, where cybercriminals are cheating victims by promising high or guaranteed returns through fake cryptocurrency, forex, and stock trading platforms.
According to police, fraudsters are approaching citizens via social media platforms, Telegram, and WhatsApp, posing as investment advisors or trading agents.
Victims are lured into investing through fake websites, mobile applications, and manipulated trading dashboards that falsely display profits and wallet balances, said V. Aravind Babu, Deputy Commissioner of Police,Cyber Crimes, Hyderabad City, in a release here.
In a recent and disturbing incident, retired IPS officer and former Punjab cadre IG Amar Singh Chahal was allegedly duped of Rs8.10 crore through a sophisticated WhatsApp-based investment scam that operated over two months.
Police sources state that he borrowed nearly Rs7.5 crore from friends and relatives after being shown fake profits.
Overwhelmed by financial and emotional distress, he allegedly died by suicide, underlining the devastating impact of cyber investment frauds.
Police explained that the fraud typically begins with unsolicited messages offering lucrative trading opportunities.
Victims are encouraged to make a small initial investment, after which fake profits are shown to build confidence.
When victims attempt to withdraw funds, scammers demand additional payments citing taxes, withdrawal fees, currency conversion charges, or compliance costs.
If questioned, victims are often threatened with legal action or freezing of funds. Despite repeated payments, withdrawals are never permitted.
The Cybercrime Unit has urged citizens to exercise extreme caution and follow safety measures.
These include verifying trading platforms and advisors through SEBI registrations and official sources ; Be wary of quick, high, or guaranteed return promises; Never share bank details, OTPs, passwords, or UPI PINs; Avoid paying any so-called processing or withdrawal fees; Treat delayed or blocked withdrawals as a red flag and Do not succumb to threats or pressure tactics.
Citizens who suspect fraud are advised to report immediately to the National Cybercrime Helpline (1930) or log complaints at cybercrime.gov.in.
Police reiterated that vigilance and timely reporting are key to preventing financial losses and saving lives.
(UNI)
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