scammers empty bank accounts without card or otp details
In yet another case of an online investment scam, a Hyderabad-based IT professional has lost a whopping Rs 1.5 crore. What began as a seemingly legitimate trading opportunity shared over WhatsApp turned into a well-coordinated fraud that promised fake returns, false IPO allotments, and intimidation tactics. The scammers created convincing WhatsApp trading groups, fabricated payment proofs, and claimed brokerage affiliations to win the victim’s trust.
The scam began when the victim was contacted by an individual identifying himself as “Uttekar”, who claimed to be a trading advisor linked to a well-known brokerage. He was added to a WhatsApp group called “Wealth103Tradebulls Securities”, where participants flaunted impressive trading returns. Encouraged by visible profits and group discussions, the victim initially invested small sums. But soon, he was persuaded to pour in larger amounts, lured by promises of IPO allotments and high returns.
The scammers, further, issued fake payment confirmations and “profit statements,” making the setup appear credible.
When the victim began questioning inconsistencies, the fraudsters resorted to intimidation. They threatened him with claims of tax evasion, potential job loss, and demands for “commission repayments.” Over time, the victim transferred nearly Rs 1.5 crore through multiple transactions under various pretexts, including trading, IPO processing, and loan repayments.
After realising he had been conned, the IT professional filed a complaint with Hyderabad’s Cyber Crime Police, who are now tracing the digital money trail and identifying the culprits behind the elaborate fraud.
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