Hyderabad: In a shocking incident, a 63-year-old man fell victim of an online scam, after joining a WhatsApp group that promised huge returns on investing in stock markets. As per the police, the man lost Rs 50 lakh in the scam.
Sharing further details, the police said that the main had joined a WhatsApp group after receiving an invitation from a group called ‘financial advisor.’ He soon joined a WhatsApp group called “Discussion Group”. Soon, he started investing money in trading sessions. However, the man soon found out about the fraud after he tried to withdraw his money.
WhatsApp group admin claimed to be a financial advisor
The WhatsApp group was reportedly handled by a man named Kunal Singh, who claimed to be a financial advisor. He also claimed to have helped clients gain 500 percent profits on selected stocks. Attracted by this claim, the victim joined the online classes, hoping to learn stock trading.
According to the police, fraudsters used to conduct online classes by sharing clinks with victims which would help them in private sessions. It is through these sessions that he used to ask victims to invest in a platform called “Skyrim Capital”, after promising a legitimate return. While the very first investment was small, which increased the victim’s confidence. Gradually, are asked to transfer larger amounts, This is one such investment in which the victim found that he lost Rs 50 lakh.
The victim realized the online scam at the time of the withdrawal of money
When the victim tried to withdraw his money, he realised about the scam. Upon being approached, scammers refused his withdrawal requests. Following the development, the police have asked people to be careful of online scammers.
