Online Stock Trading Scam:
A young man from Hyderabad has fallen victim to a big online scam and lost ₹12.56 lakh. According to the Hyderabad City Cyber Crime Police, the 25-year-old youth from Begumbazar was cheated through an Instagram advertisement.
On September 1, the victim came across an online stock trading ad on Instagram. The ad carried the logo of a well-known financial company, Motilal Oswal, which made it look genuine. Believing it to be real, he clicked on it and was soon added to a WhatsApp group called L47 Quant Investment. Messages in the group claimed that people could earn high profits by investing in stocks through them.
Trusting the group, the youth downloaded the MODMA app suggested by the fraudsters and began investing. Over time, he transferred ₹12,56,900 in different installments. On the app’s dashboard, it showed that his balance had grown to ₹46,89,375 including profits. When he tried to withdraw the money, he was asked to invest an additional ₹7.60 lakh to complete the process. This raised his doubts, and he realized it was a scam. He immediately approached the Cyber Crime Police and lodged a complaint.
Police have started an investigation and have once again warned people not to trust such advertisements on social media. They advised citizens to be cautious while dealing with online investment platforms and always check the authenticity before transferring money.
Cyber crime cases are increasing rapidly, and fraudsters are using new tricks every day. Authorities suggest that people should verify company details directly from official websites and avoid clicking on random ads. If any suspicious activity is noticed, it should be reported to the police immediately.
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