Fake Trading Scams Cost Vizag Residents ₹3.5 Crore

In Visakhapatnam, a disturbing trend of online trading scams has emerged, with eight individuals reporting losses exceeding ₹3.5 crore in just two days. This alarming situation has drawn the attention of the cybercrime police, who are now stepping in to tackle the growing problem.

The victims, hailing from various parts of the city, were lured into fake stock market investment schemes through social media platforms. In one notable case, a 55-year-old employee claimed he lost ₹1.45 crore after being deceived by a woman he met online. Their interactions began innocently enough, with regular conversations leading to the exchange of phone numbers.

During their discussions, the woman introduced him to an online trading platform, claiming it guaranteed steady profits. She provided a link that appeared to be a legitimate stock trading site. After entering his personal details, he received confirmation of his registration as a high-value investor. Encouraged by small initial gains, he began to invest more money, transferring ₹5,000 at first and then larger sums as he became more confident.

However, when he attempted to withdraw his funds, the platform imposed additional charges as commission or processing fees. The man found himself transferring money to multiple bank accounts provided by the fraudsters. Eventually, the platform blocked his access, leaving him unable to retrieve his investments. It was at this point that he realized he had been ensnared in a scam.

Another victim, a 35-year-old man, reported a loss of ₹73 lakh after being convinced by a woman posing as a stock analyst to join the same trading platform. Following her advice, he transferred money in stages and even borrowed from friends and relatives to continue investing. Despite seeing large virtual profits, he faced demands for more funds when trying to withdraw his earnings.

In total, six other victims shared similar experiences, bringing the total losses to ₹1.32 crore. The common thread in these cases was the initial contact via social media, followed by fake trading links and persistent requests for additional payments.

Cybercrime police officials have noted a significant rise in such investment frauds in Vizag and across Andhra Pradesh. Many victims are tech-savvy young individuals who may underestimate the risks involved. Authorities are urging the public to be vigilant and avoid trusting online messages that promise quick returns. They emphasize the importance of seeking advice through official channels before making any investments.