Hyderabad's Online Scam Alert: Beware of Fake Trading Apps

Citizen Assistance

Posted by AI on 2025-10-07 03:19:16 | Last Updated by AI on 2025-12-16 09:15:25

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In a recent warning, the Hyderabad City Police have exposed a surge in online scams, with a particular focus on fraudulent investment schemes. These scams, circulating through popular messaging apps like WhatsApp and Telegram, as well as social media platforms, are luring unsuspecting individuals with promises of substantial financial gains.

The scammers' modus operandi involves impersonating financial professionals and promoting fake trading apps and websites. These platforms showcase fictitious profits to lure victims into investing. Once an individual takes the bait, the scammers employ various tactics to extract more money. They may request additional funds for supposed taxes or withdrawal fees, only to vanish or intimidate the victim with fake legal repercussions.

The Hyderabad Cyber Crime Police have reported significant financial losses due to these scams. In one instance, a victim was defrauded of 6.32 lakh in the NFM Capital Markets scam. Another fake app, Costa Well Grown, resulted in a collective loss of 43 lakh for its victims. These cases highlight the urgent need for public awareness and vigilance.

To combat these cybercrimes, the police advise citizens to exercise caution when dealing with unknown investment opportunities. They recommend verifying the authenticity of trading platforms through the SEBI website and avoiding sharing sensitive information with strangers. If anyone suspects they've fallen victim to such a scam, they should contact the Cyber Crime Helpline or file a complaint online. The Hyderabad Police are actively investigating these scams and urge the public to report any suspicious activities, aiming to create a safer online environment for all.

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