Kanchanbagh youth duped of Rs 14.34 lakh on fake trading platform

A 27-year-old man from Kanchanbagh, Hyderabad, was cheated of Rs 14.34 lakh by fraudsters posing as representatives of Fyers Securities through a fake online trading platform named "FYERS-DMA" on WhatsApp.

The scammers initially gained the victim's trust by allowing two small withdrawals totalling Rs 3.60 lakhs, convincing him of the platform’s legitimacy before luring him into investing a total of Rs 17.94 lakhs into multiple accounts provided by the fraudsters.

The victim later found that no funds could be withdrawn because the fake trading platform blocked all withdrawal requests and ceased communication. The fraudsters intensified their deception by showing fake profits and demanding the repayment of a fabricated Rs 15 lakh loan before releasing funds. Upon verification with the official Fyers Securities team, the victim learned that the platform and loan facility were entirely fake, leading him to file a formal complaint with the police.

The police issued an advisory to the public urging vigilance against fake online trading platforms impersonating SEBI-registered brokers, which often lure investors by showing small initial profits to build trust. Genuine trading platforms do not request money transfers to personal or unknown accounts, which is a common tactic used by fraudsters. The cybercrime police continue to investigate and warn investors to exercise caution when investing online.

This incident highlights the evolving tactics of cyber fraudsters, who use fake apps and WhatsApp groups to defraud investors with promises of high returns through seemingly credible but fraudulent securities services.