A 35-year-old man from Telangana's Nagole city has lost Rs 36.3 lakh in a major 'online stock trading' fraud. According to a Deccan Chronicle report, the victim was lured by a few persons to join a WhatsApp group named ‘Barclays'. The scammers posed themselves as the representatives of the Barclays International Group.
The man became a part of the WhatsApp group on Jan. 30, while he was exploring various trading opportunities. To show credibility, the administrators of the group shared various trading tips. They even posted screenshots of profit gained in the market as well as the purported SEBI registration certificates.
Soon after, a woman got in touch with the victim and identified herself as 'Sanya Joshi'. She told him that she was an official trader and kept using different mobile numbers.
Joshi later asked the victim to visit a trading website and get himself registered on it. Initially, the man invested Rs 50,000 on the platform and his account showed some profits. The victim was then encouraged to invest more money into different stocks as well as IPOs, the Deccan Chronicle report added.
The ‘Rs 7 Crore Profit' Trap
In a week's time, the man ended up investing a large amount on the website, while his account displayed profits of about Rs 7 crore. It all went upside down when the individual wanted to withdraw the funds. While trying to do so, the victim was asked to allegedly provide 2% of the profit to the accused persons as processing fees.
After realising his mistake, the victim approached the police.
In his complaint, the person informed that he invested Rs 36,35,010 in 12 transactions. In return, he received only Rs 5,000, while Rs 36,30,010 was taken away by the scammers.
Based on his complaint, a case was registered by the Malkajgiri Cyber Crime Police. Further investigation into the matter is currently underway.
Also Read: Indian Markets Poised For Recovery as Earnings Cycle Bottoms Out, Says Siddarth Vora
Hyderabad Police Caution People Over Cyber Fraud
The Hyderabad Police recently cautioned citizens against getting misled by fraudulent websites. In a post on X, Hyderabad Commissioner of Police VC Sajjanar stated that fraudsters are "increasingly exploiting search engine rankings to deceive online users."
"Many people assume that websites appearing at the top of search results or marked as 'Sponsored' are trustworthy. However, high visibility on a search engine does not guarantee legitimacy. Cybercriminals are now using paid advertisements and advanced search engine optimisation (SEO) techniques to push fraudulent websites to the top, often impersonating government portals, banks, or well-known brands," Sajjanar said.
The senior police official wrote that the fraud usually starts when a user searches online for customer care numbers, payment services, or official websites.
"Scammers create phishing websites that closely resemble genuine platforms and promote them through online advertisements. Because these fake sites rank high in search results, users are more likely to click on them," he warned.
After landing on the fraudulent page, victims are prompted to provide their personal details, login credentials, or make payments, which results in financial loss and potential identity theft, Sajjanar said.
"The key to prevention lies in awareness and caution. Users must always verify the website's URL carefully before entering any personal or financial information. It is important not to rely solely on search rankings or 'Sponsored' labels as proof of authenticity," he added.
Also Read | Stock Market Today: All You Need To Know Before Going Into Trade On Feb. 20
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.