Cyber criminals duped an elderly man of Rs. 13.26 crore in Telangana’s capital city, Hyderabad. The Telangana Cyber Security Bureau (TGCSB) on Wednesday arrested three persons involved in this scam following a complaint filed by the victim on Monday. According to the police, a retired employee from Hyderabad who received a message on WhatsApp, offering online stock trading tips. The victim, who had previously profited from the stock market, responded to the message. Fraudsters then sent links under the names of well-known companies like AFSL, Upstox, and International Brokers (IB), and added the victim to a WhatsApp group. The use of these reputed names prevented the victim from suspecting foul play.
Impersonating as representatives of these companies, the scammers provided stock market advice, convincing the victim to invest. The elderly man was unaware that the links directed him to fake websites and apps. Initially, they showed the victim small profits and even allowed him to withdraw some money, building his trust. Eventually, the victim transferred Rs. 13.26 crore in one go, after which the fraudsters stopped responding. Realising he had been scammed, the victim complained to the TGCSB on Spetember 2.