Man from Hyderabad duped of over Rs. 5 lakhs in stock market fraud

In a shocking incident, a 28-year-old man from Hyderabad fell victim to fraudsters who promised him huge profits on investments in the stock market, only to dupe him of over Rs. 5 lakhs. The man received a message on Instagram about a business opportunity and subsequently joined a WhatsApp group called ‘Up Stock Investment Club’.

The group allegedly provided daily trading tips and stock recommendations, leading the victim to invest around Rs. 5 lakhs based on their advice, which ultimately resulted in significant losses. The scammers convinced the victim to install an app called ‘Block Uppro’ and register using his Aadhaar details, promising a 20% commission on profits.

Initially, the victim saw profits and made withdrawals through the app. However, when he tried to withdraw a larger sum of Rs. 8.47 lakhs, the scammers demanded a 20% transfer to a separate account before allowing the withdrawal. Sensing foul play, the man approached the police, who have now launched an investigation into the matter.

This incident serves as a stark reminder of the dangers of falling prey to fraudulent schemes promising quick and easy profits. In a similar case, a fraudster in Hyderabad was recently arrested for duping hundreds of individuals with promises of high returns in the gold business. The victims, who invested between Rs. 5 lakhs and Rs. 50 lakhs, were left in financial distress when the fraudster disappeared after initially providing profits.

As authorities crack down on such fraudulent activities, it is crucial for individuals to exercise caution and conduct thorough research before making any investment decisions. Stay vigilant and report any suspicious schemes to prevent falling victim to financial scams.