Hyderabad: A 64-year-old businessman from Bachupally has lost Rs 3.9 crore in an online stock trading scam . On his complaint, the Telangana Cyber Security Bureau (TGCSB) registered a case on Monday.




The complainant came across an advertisement when he opened a WhatsApp group link on Sept 2. “After opening the link, I received calls from people who identified themselves as employees of a stock trading platform and said they were based in Mumbai’s Dadar area,” the complaint alleged.




As the callers promised high returns within three to six months, the complainant began his initial investment with Rs 50,000 on Sept 2. Under their continued persuasion, the victim made 33 transfers from his bank account till Oct 27, totalling Rs 3.9 crore. The money was transferred to different bank accounts provided by the accused through the app.




“When I tried to withdraw my investment along with profits, the fraudsters demanded 10% of the profits as commission. I became suspicious and registered a complaint on the National Cyber Crime Reporting Portal on Oct 31. Subsequently, on Nov 2, I lodged a complaint with TGCSB,” the victim said.




A case was registered under sections 318(4) (cheating) and 319(2) (cheating by personation) of the Bharatiya Nyaya Sanhita and Section 66-D of the Information Technology Act.