A resident of Hyderabad has reported a significant financial loss, totaling ₹10,21,000, after engaging with an individual on a social media platform who introduced an online trading opportunity. The interaction began on August 21 with a message from a woman identifying as "Sai Preethi." After weeks of friendly exchanges, she persuaded the man to invest. Initial transfers, starting with ₹50,000, reportedly showed small returns in an online wallet, which seemingly built confidence. Between September 1 and October 10, the man transferred further investments to various UPI IDs and bank accounts provided by the alleged fraudster.
The issue arose when an attempt to withdraw 14,000 dollars from the trading account was blocked, followed by demands for additional payments for purported "taxes." Police authorities have since urged media outlets to issue public advisories, noting a common modus operandi where fraudsters create fake profiles on social media platforms like Facebook, Instagram, and WhatsApp to establish trust before luring individuals into bogus online trading or investment schemes promising high profits. Authorities advise the public against trusting unknown individuals offering investment advice, clicking suspicious links, downloading trading apps from unverified sources on social media, or transferring money to unknown accounts for investment purposes.
Source: https://www.thehindu.com/news/national/telangana/facebook-friendship-turns-costly-as-hyderabad-man-loses-10-lakh-in-online-trading-scam/article70208219.ece