A 52-year-old man in Hyderabad was fortunate to recover a significant portion of the money he lost in an online trading scam. The victim, a private employee, was convinced to invest over ₹1.22 crore (around $1.5 million USD) on a fake trading platform with promises of high returns.
The Hyderabad Cyber Crime Police stepped in after the man reported the incident. They took swift action, including:
- Registering a case against the scammers.
- Contacting banks to freeze the fraudulent accounts.
- Guiding the victim through the legal process to reclaim his funds.
Thanks to these efforts, the court ordered the return of ₹1.05 crore (around $1.28 million USD) to the victim’s account. While he did lose some money, he was able to recover most of it.
Hyderabad Police Warn of Investment Scams
This incident serves as a stark reminder of the dangers of online investment scams. The Hyderabad Police issued a public advisory urging citizens to be cautious of such schemes, especially those advertised on social media platforms like Telegram, WhatsApp, Instagram, and Facebook. These scams often lure victims with unrealistic promises of high returns with minimal risk.
Tips to Avoid Online Investment Scams:
- Be wary of unrealistic returns: If something sounds too good to be true, it probably is. Legitimate investments typically offer moderate returns with associated risks.
- Do your research: Before investing in any platform, thoroughly research the company and its legitimacy.
- Never share personal financial information: Don’t disclose your bank account details or passwords to anyone you don’t trust completely.
- Report suspicious activity: If you encounter a potential scam, report it to the authorities immediately.
By following these tips and staying vigilant, you can protect yourself from falling victim to online investment scams.
Additional Resources:
- Hyderabad Cyber Crime helpline number: 1930
- Official cybercrime reporting portal: http://cybercrime.gov.in
NOTE: Ai generated content form google news
Credit: Google News
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Very interesting subject , thankyou for posting.