Telangana: Bank Manager Couple Lose ₹66 Lakh in Facebook Trading Scam Promising 300% Returns - How it happened
In Telangana, a senior bank manager from Hanumakonda and his wife were cheated of ₹66 lakh in a fake online trading scheme. It all began when the wife clicked a Facebook ad in late January. The ad claimed to be from a trusted stock‑trading company and promised huge profits — 300–400%.
Soon, they were added to a WhatsApp group and contacted by scammers posing as investment advisors. They offered block trades, IPOs, and fund‑of‑fund options. To gain their trust, the fraudsters showed fake account statements with high returns.
Between February 3 and May 9, the couple made 45 transfers totaling ₹66 lakh from three bank accounts — Central Bank of India, Bank of Baroda, and Union Bank. Some money even came from loans, gold‑backed credit, pledged insurance policies, and borrowings. They also paid a 15% “service fee” on alleged profits of ₹3.38 crore.
Once half of the fee was paid, the scammers promised to release profits — but then vanished. The fake trading app disappeared, WhatsApp messages stopped coming, and phone numbers went silent. Realizing they'd been duped, the couple reported the scam twice to the National Cybercrime Portal (on May 29 and June 11), and lodged a complaint at the Cyber Security Bureau in Warangal on June 27.
Police have begun investigating the fraud. The case is registered at the cybercrime bureau's Warangal station.
Authorities warn people to stay alert: don’t trust online ads promising extremely high returns, don’t invest based on unknown social media links, and always verify before transferring money.
