Hyderabad: An elderly man in Hyderabad allegedly lost ₹33.39 lakh after being lured into an online trading scheme promoted through Instagram, with cybercrime police registering a case and launching an investigation.
The complainant, a resident of the Adarsh Nagar area, reportedly came across an Instagram advertisement promising lucrative returns from investments in shares, gold, silver, crude oil and foreign currencies.
After clicking on the advertisement and submitting his personal details, he received a call from a woman identified as Monisha, who allegedly introduced herself as a representative of a trading firm. She reportedly encouraged him to open a trading account, assuring him of attractive profits through a platform promoted as using Quantum AI technology.
According to the complaint, the man was initially advised to invest approximately $200. Trusting the promises of high returns, he subsequently transferred money in multiple instalments, taking his total investment to ₹33.39 lakh.
However, the complaint led to police intervention, with Hyderabad Cybercrime police registering a case to investigate the alleged fraud and trace those responsible.
The incident highlights the risks associated with online investment advertisements that promise unusually high returns. Fraudsters may use social media platforms to attract potential victims before contacting them directly and persuading them to transfer increasingly large sums of money.
Cybersecurity experts generally advise investors to verify the credentials of trading firms and investment platforms before transferring funds. Unverified claims of guaranteed or exceptionally high returns should be treated with caution. Investors should also avoid sharing sensitive financial information with unknown callers or through suspicious links.
The investigation is underway, and further details about the accused and the movement of the allegedly defrauded money have not been provided in the available report.
