Hyderabad: Techie Loses ₹3 Crore in Fake IPO Scam - How it happened
A 67-year-old retired software engineer from Hyderabad lost almost ₹3 crore in a big cyber scam. It all started when he joined a WhatsApp group run by fraudsters. They told him he could make big profits by investing in special IPO shares and over-the-counter (OTC) trades.
The scammers claimed to work with a famous stock broking company in Delhi. They even made fake websites and portals to look real. Believing them, the man transferred money 36 times to different bank accounts for shares in various companies like technology and textiles.
After some time, the scammers showed him fake share certificates worth ₹49 crore in his name. They said if he wanted to get his money and profit, he would have to pay more fees and taxes. When he refused, they locked him out of the fake portal.
Finally, he realized it was a scam and went to the Telangana Cyber Security Bureau (TGCSB). The police registered a case and are trying to trace the fraudsters through bank transactions and IP addresses.
Lesson:
- Never trust investment tips from random WhatsApp groups.
- Always verify stock brokers on official SEBI websites.
- If someone asks for more money to release your profit, it’s a red flag.
- Report such frauds to the cyber crime police immediately.
Stay alert. Don’t lose your hard-earned money to online scams!
