IT Employee Cheated Through Fake Trading App

A Hyderabad-based IT employee has allegedly lost more than Rs. 55 lakh to cyber fraudsters through a fake trading application. The victim, who belongs to Bachupally, was reportedly added to a WhatsApp group in September by a woman identifying herself as ‘Ananya Das’. She convinced him that he could earn substantial profits through Upstox institutional trading. Claiming that the investment opportunities were based on recommendations from Professor Ravi Kumar, the fraudsters encouraged him to invest in block trading and IPOs. They also asked him to open an account on a fake platform, upsktvpro.com, and deposit money in multiple instalments. The victim eventually invested a total of Rs. 55,58,910, but received only Rs. 58,700 in return initially.

The fake application displayed profits of around Rs. 97 lakh, prompting the victim to invest even more money. The fraudsters also persuaded him to invest heavily in the names of ACME and HD Fire Protect IPOs. When he later attempted to withdraw Rs. 10 lakh, they demanded an advance payment of 15 per cent commission and 20 per cent tax. Suspecting foul play, the victim realised that he had been cheated and approached the cybercrime police. A case has been registered, and an investigation is underway.