4 days ago
Fake IPO lure costs Hyderabad duo over Rs 2.5 crore
Hyderabad: A man from Nizampet lost Rs 1.52 crore after falling prey to an online investment fraud.
According to the complainant, she came in contact with individuals claiming to represent the Anand Rathi trading platform, led by Suresh Malhotra and Suman Gupta.
They promised high returns through investments in SME and mainboard IPOs under 'Anand Rathi HNI trading account.
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Acting on links shared through WhatsApp, the victim opened an account and initially invested Rs 1.5 lakh. Within a month, she ended up transferring a total of Rs 1.52 crore in July.
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When she tried to withdraw the amount, the accused cited various excuses and demanded more money. It was then she realised the platform was fake.
Based on the URLs, bank account details, and other digital evidence, police have launched an investigation to trace the culprits.
In another case, a software professional was duped of Rs 1 crore. The accused made him log in to a fraudulent website and apply for stocks. Starting with an initial investment of Rs 10,000, the victim kept adding funds until the total reached Rs 1 crore. When he attempted to withdraw his money, the scammers refused and instead demanded more payment for withdrawal clearance.
Police have warned the public against clicking on suspicious links or investing through unverified trading platforms.
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