Businessman from Hyderabad loses ₹28.5 lakh to online investment scam

A 45-year-old businessman from Hyderabad fell victim to an online investment scam, losing ₹28.5 lakh. The Hyderabad cyber crime booked a case.

The scam unfolded through a WhatsApp group which promised high returns and risk-free investment opportunities.

“The victim received a direct message from someone claiming to be a representative of ABML stocks & securities. The scammers lured the victim with promises of exceptional returns on stocks and IPOs. When the victim expressed interest, they sent him a link to download an app called Aditya Birla Money Limited (ABML),” said the police, adding that the app was a fake platform designed to steal the victim’s money.

The fraudsters coerced the victim into taking a loan through their platform. This loan amount was then deducted from his wife’s fake ABML account.

“The app displayed a fabricated balance of ₹61,66,807.40 with profits, but the victim was unable to withdraw any funds.

When the victim realised he was being defrauded, he requested a withdrawal of his entire investment, including both principal and fabricated profits. However, the scammers introduced new hurdles and conditions, effectively preventing any withdrawal. Recognising the scam, the victim finally filed a complaint with the authorities,” added the police.

Published - September 23, 2024 06:56 pm IST