Hyderabad Techie Gets Duped Of Rs 2.92 Crore In WhatsApp Trading Scam Involving Fake IPO Schemes And VIP Investment Plans, Here’s How The Cyber Crime Unfolded

WHATSAPP SCAM HYDERABAD: A 56-year-old software professional from Ramanthapur lost Rs 2.92 crore after falling for a fake trading platform. He told police that a few months ago, someone added him to a WhatsApp group called “Riding the Wind Club Discussion Group.” It looked legit, run by people like Anika Sharma and a few others. They kept posting stock tips, IPO offers, and even screenshotted profits that looked like easy money. He started believing them. Pretty soon, the group convinced him to invest using their “trading platforms.”

Hyderabad Cyber Fraud

He began with little amounts just to test the waters then watched fake profits pile up on the dashboard. That pulled him in deeper. Before long, he was persuaded to join their so-called “VIP trading” programs. These promised things like exclusive IPO access, high returns, and even zero-interest credit, all of which made the deal sound even sweeter.

Everything changed when he tried to cash out. Suddenly, withdrawals stopped working, and the scammers claimed his money was locked up in IPOs or had to cover some made-up loan repayments.

Inside the WhatsApp Scam That Cost a Hyderabad Techie Crores

Police say the constant stream of “success stories” and manipulated profit screenshots were all part of the trap. At first, those small fake profits built a sense of trust enough to make him believe the platform was real.

After seeing the purported profits, the victim was then persuaded to invest bigger amounts and participate in “VIP trading” schemes. These guaranteed IPO allotment, higher-than-average returns and even interest-free credit facilities further lured the victim to invest, according to The Indian Express report.

Hyderabad WhatsApp Scam Exposed: Fraudsters Use Fake Trading Apps

As a result, the victim ended up depositing Rs 2.92 crore in accounts connected with the fraudulent trading software. But problems arose when he tried to withdraw his money. The scammers refused to honour withdrawal requests, stating that the funds were invested in IPOs or had to be repaid against some purported loan facilities.

The victim realised he had been duped, and lodged a complaint with the police. The cyber crime police have filed a case and are investigating the matter to trace the accused and trace the money, according to The Indian Express report. The police are investigating the IP addresses of the fraudsters and blocking the accounts.

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