Hyderabad Cyber Fraud: Crooks Swindle Rs 2.93 Crore in Fake Trading Scheme; Two Arrested

• A Gachibowli resident was defrauded of Rs 2.93 crore in a sophisticated cyber trading scam.
• Victim was lured into a WhatsApp group with promises of high returns from share market trading and advised by 'professional stock market advisors'.
• Fraudsters used a fake demat account and trading platform, showing virtual profits and allowing small withdrawals to build trust.
• After the victim invested heavily, they demanded more money and cited technical issues when he tried to withdraw funds.
• Cyberabad Cyber Crime police arrested Shekhar and Dinesh Kumar Parlapathi for providing mule bank accounts used to divert the swindled money.

Key Questions Answered

How can I identify a fake trading platform?

You can identify fake trading platforms by looking for a "verified" badge on apps in the Google Play Store, indicating they are operated by SEBI-registered entities.

What are common signs of a WhatsApp investment scam?

Common signs of WhatsApp investment scams include promises of high profits, being added to groups without consent, and pressure to make quick decisions.

Will police recover all the defrauded money?

Yes, in a Pune case, the entire defrauded amount of Rs 4.54 crore was recovered by the police. In another instance, Rs 75,000 was recovered for a job scam victim.