Hyderabad has witnessed a major online fraud case, with a 52-year-old software engineer from Gachibowli losing Rs 1.21 crore in a sophisticated stock trading scam. The victim, who believed he was making legitimate investments, was duped by fraudsters over a period of nearly a month, from August 13 to September 11.
The fraud began when the victim was invited to a WhatsApp group that appeared to provide credible stock market tips. The group’s discussions included stock suggestions, chart patterns, QIB trading during pre-market hours of NSE and NASDAQ, and IPO investment strategies, all facilitated through what he believed was an AEGIS-CAP trading account.
Trusting the platform, the victim registered on a website and started applying for stocks and block trade IPOs, making an initial payment of Rs 50,000 on September 13. Over the following weeks, he kept transferring money as advised, eventually losing Rs 1.21 crore in total. The scammers bolstered their credibility by showing him fake bulk share allotments and constantly encouraging further investments.
When the victim attempted to withdraw some of his funds, he was told he first needed to pay taxes on his “profits.” Even after complying, all withdrawal requests were denied, ultimately revealing the scheme as a fraud.
Investigations revealed that the platform, purportedly run by individuals named Tarak Sharma and Patrik Martin, was entirely fake. The victim had unknowingly transferred his entire savings through multiple bank accounts to the fraudsters.
Following the discovery, the victim lodged a complaint, and the Cyberabad Cyber Crimes police have registered a case and begun probing the matter. Authorities are now working to trace the perpetrators and prevent further losses to unsuspecting investors.
