Hyderabad: Two cases of stock market fraud were registered under the Patancheru Police Station limits in Telangana's Sangareddy district after the duo collective lost over Rs 3 crore. A man in Sangareddy fell victim to a stock market investment fraud as he lost over Rs 2.4 crore two days ago.
A private employee of APR Luxury in Patancheru saw an advertisement on Facebook and clicked on it 45 days ago for the stock market trade. The perpetrators then added him to a WhatsApp group and later suggested him for investment. They created a portal and showed him the benefits. The victim invested Rs 2.4 crore in 22 stages.
A few days after the investment, the cybercriminals did not respond when the victim asked for the return of the profits and investment. Realising that he was cheated, he lodged a complaint with the cyber crime police and at the Patancheru Police Station. Based on complaints, the police launched an investigation into the fraud.
In a similar incident, another person lost over Rs 66.75 lakhs in a month after getting added to a WhatsApp group after clicking a stock market advertisement on YouTube. Later, when he asked for his investment and profits, the perpetrators didn't respond. Realising that he was cheated, the victim lodged a complaint at the police station.
The police registered the cases and started an investigation into the fraud. Reacting to the incidents, the police advised people not to invest after seeing such advertisements on social media. Patancheru Circle Inspector (CI) Praveen Kumar Reddy said that cases have been registered and the cyber cell team has initiated a probe into the incidents.
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