HYD Trading Scam Dupes Senior Executive of Nearly Rs 6 Crore
A Hyderabad senior executive lost nearly Rs 6 crore after cyber fraudsters used fake trading applications and false promises of high returns through online investment schemes.
- HYD Trading Scam targets executive
- Trading Scam causes Rs 6 crore loss
- HYD cyber fraud case registered
A major cyber fraud case has surfaced in Hyderabad after a senior executive from a real estate company reportedly lost nearly Rs 5.95 crore through fake online trading platforms. The incident has once again highlighted how fraudsters are using investment schemes and digital applications to target unsuspecting victims.
Cyber police have registered a case after the victim approached the Telangana Cyber Security Bureau and explained how he was trapped through fraudulent trading applications. Officials have now launched an investigation into the high value scam.
According to the complaint, the 72 year old executive living in Sanathnagar first received a WhatsApp call nearly two years ago from a woman who identified herself as Kaveri. She claimed to be working as a consultant for trading applications called Mudra One and 9Pro and introduced investment opportunities related to foreign currency and commodities trading.
The woman reportedly convinced him that even if losses occurred during trading, a special insurance protection system would safeguard his investments. Believing the claims, the victim downloaded the applications and gradually started investing large amounts.
Between April 13 and May 11, he transferred funds in multiple stages and deposited a total amount of Rs 5.95 crore through the platforms. The trading account later displayed what appeared to be massive profits, showing a balance worth millions on screen.
When the victim attempted to withdraw the amount, the fraudsters demanded an additional payment claiming it was needed for settlement and credit leverage charges. Before he could take further action, the applications reportedly stopped functioning.
The victim later received a message stating that the services of Mudra One and 9Pro were being discontinued. Realizing that he had been cheated, he immediately approached authorities.
Investigators are now examining the digital trail behind the fake platforms while cyber experts continue warning people to remain cautious about online investment offers that promise unrealistic returns.
