Hyderabad: Stock market discussion groups and broadcasting channels have mushroomed on WhatsApp and Telegram, promising inside information and quick profits, luring unsuspecting individuals into downloading fraudulent apps and investing in lucrative businesses. Many have lost hundreds of thousands of rupees to these scams.
Recently, a victim in Hyderabad lost Rs 7,89,000 after he was persuaded by members of an online stock market discussion group to invest in multiple companies. The group members first gained the trust of the victim by promising investment returns and then lured money from him.
These groups operate by building trust among members first by sharing seemingly genuine tips and advice, encouraging active participation, and providing investment returns. Once some trust has been established, administrators introduce scam apps that claim to offer exclusive insights and advanced trading options.
These apps usually look professional and legitimate, with authentic interfaces and features, but they are designed to steal money from users. Victims usually end up losing their investments and are met with silence or excuses from the app’s support team when they try to withdraw their funds.
Authorities have urged people to be cautious while joining such groups or downloading unfamiliar apps. “Do not give money to people you meet online. If you lose money, report it to us immediately,” said an official from Hyderabad’s cyber security police.
