A 65-year-old retired public sector bank chief manager in Hyderabad allegedly lost more than Rs 98 lakh after cyber fraudsters lured him into investing through a fake trading app, according to a complaint filed with Cyberabad cybercrime police.
The victim, who holds a PhD in economics, told police that he joined a WhatsApp group called HSL Capital on July 8 after clicking on a Facebook advertisement promoting stock market investment opportunities. A woman using the name Nisha Verma claimed to be the secretary of a senior banker and began sending him stock trading tips.
The victim initially used his personal demat account to trade based on the tips and told police that he made a profit. He was later advised to download an application called HSL Cap and deposit money into different bank accounts allegedly linked to SEBI-approved stock brokers.
He began with a deposit of Rs 20,000 on July 23. The application displayed gains on his account, but he was not permitted to withdraw the money, according to his statement to investigators. The fraudsters subsequently offered him an interest-free loan of Rs 50 lakh to fund an initial public offering purchase, which he later repaid.
The application eventually showed profits of about Rs 1.76 crore. When the victim sought to withdraw the amount, the operators allegedly demanded a series of fees and taxes, claiming these payments were needed to avoid scrutiny by the Enforcement Directorate.
The victim told police that he was asked to pay another Rs 3 lakh for express withdrawal processing on September 22. He then contacted the bank by email and received a response stating that the application was fake, according to the complaint.
He reported the fraud through the national cybercrime helpline on September 26 and later approached Cyberabad cybercrime police. A case has been registered under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act.
The reported sequence shows how the alleged fraud moved from a social media advertisement to a closed messaging group, personal investment activity and a platform that displayed profits without allowing withdrawals. Police are investigating the identities of the people involved, the bank accounts used to collect the deposits and the operation of the HSL Cap application. The investigation will determine the precise flow of funds and the sections applicable to those responsible.
