72-yr-old loses ₹5.95cr in trading app scam in Hyderabad

Hyderabad: A 72-year-old senior executive of a real estate firm from Sanathnagar lost ₹5.95 crore after being lured into currency and commodities trading through fake applications. On the victim’s complaint, the Telangana Cyber Security Bureau (TGCSB) registered a case on Saturday and launched a probe.

The complainant from Sanathnagar told police that two years ago, he was first contacted through a WhatsApp call by a woman identifying herself as Kaveri. “She claimed to be a consultant with Mudra One/9Pro stock trading applications. She explained investment methods and also informed me about an insurance shield to cover trading losses,” the complainant said.

On Kaveri’s assurances, the victim installed the fake trading platforms and recently began investing in foreign currencies and commodities trading.

According to the complainant, after he invested ₹5.95 crore between April 13 and May 11, his trading account on the fake apps reflected a total of $4,219,730, including profits. When he sought withdrawal, the fraudsters operating the platforms demanded an additional amount of $1,000,000 toward credit leverage that had to be paid before any settlement.

As the victim was assessing the additional demand, he received a message from the fraudsters in the third week of May, stating that Mudra One and 9Pro had discontinued operations. No payment was received by the victim. Based on his complaint, TGCSB Headquarters PS registered a case under Section 66-D of the IT Act and Sections 318(4) (cheating) and 319(2) (cheating by personation) of the BNS.