A 68-year-old retired man from Secunderabad was duped of ₹61.95 lakh in an online trading scam involving cybercriminals operating under the guise of an international trading platform.
The scam began on March 27, when the victim made an initial investment of ₹21,000 after discovering a website operated by a firm identifying itself as Experts Pro Ltd. Shortly after the first investment, a representative of the platform began contacting the victim regularly. Presenting himself as a trading expert, the scamster offered insights on market trends and assured the victim of high returns. Being a novice in stock trading, the victim placed his trust on the scamster and followed his advice closely.
The fraudster persistently encouraged the victim to invest more money citing reasons like ‘margin levels falling below sustenance’. Despite repeated pleas from the victim, who made it clear that he was not seeking profit but simply wished to exit and retrieve his money, the scammers refused to allow any withdrawals, even when the account appeared to show substantial gains.
Over the following weeks, the victim, struggling to arrange funds and under emotional duress, continued to transfer money. By May, he had exhausted all his financial resources. On May 21, while travelling with family, the victim informed the scammer that he would be unavailable for a few days. The scammer assured him that he would manage the account in his absence.
However, while returning home, the victim began receiving repeated calls from the same individual. Upon answering, he was told the margin levels had dropped drastically and was pressured to make an urgent payment of ₹10 lakh. When the victim hesitated, another voice, suspected to be another member of the scam operation, took over the call and intensified the pressure. A heated exchange followed, and the victim refused to transfer more money.
Although the victim stopped responding to calls after this incident, the scammers were far from done. Days later, another individual contacted him, claiming to be a recovery agent who could help retrieve the lost funds, demanding a fresh investment. Since then, the victim has been receiving multiple harassing calls each day.
To date, the trading platform continues to show an account balance of USD 75,000, but all withdrawal attempts have been denied. The scammers insist that additional payments are required to ‘unlock’ the profits, perpetuating the cycle of fraud. Following a complaint by the victim, the Cyber Crime Wing of the Hyderabad police initiated an investigation.
Published – May 30, 2025 10:16 pm IST