Hyderabad man loses ₹72 lakh in WhatsApp stock trading scam

Hyderabad: A 40-year-old insurance agent from Uppal was cheated of ₹72 lakh after falling for a fake stock trading scam on WhatsApp.

According to the police, the victim was added to a group named “Stocks VIP Exchange Group E8”, where members claimed to offer profitable stock investment opportunities. The group’s admins, who introduced themselves as Karim Varma and Kristen, said they represented a reputed company called Russell Investments.

The victim first invested ₹50,000 and was shown fake profits on a fake trading app. Encouraged by these results, he continued to invest in stages, putting in a total of ₹72,03,133.

ALSO READ | Hyderabad Traffic Diversions for 9-Month Corridor Work

When he tried to withdraw his profits, the scammers demanded more money, saying it was needed for taxes and commissions. That’s when the victim realized he had been duped.

He then filed a complaint with the Rachakonda Cybercrime Police. A case has been registered, and an investigation is underway to trace the culprits.

ALSO READ | Retro Fashion Aesthetics & Bold Nostalgia – India’s Y2K Revival 2025