63-yr-old man loses Rs 2.2cr to online trading app scam

Hyderabad: A 63-year-old private employee from Trimulgherry lost over Rs 2.2 crore in an online stock-trading fraud after being lured through a WhatsApp group run by cybercriminals posing as market experts. Based on his complaint, Malkajgiri cyber crime police registered a case and launched an investigation.According to police, the victim was added to a WhatsApp group titled "H911 MO Market Think Tank" on Dec 21, 2025. The group was allegedly managed by fraudsters impersonating Raamdeo Agarwal, Maniklal and Siya Verma. The administrators regularly shared stock tips and screenshots of purported profits to gain the victim's confidence.
The accused then persuaded him to download a trading application through a link shared in the group. Initially, the app showed small profits, prompting the victim to invest larger amounts over time. However, when he attempted to withdraw the funds, his access to the app was blocked.The fraudsters subsequently demanded additional payments to unfreeze the account. "Despite transferring over Rs 2.2 crore, including Rs 62.5 lakh as an unfreezing fee, I was not allowed to withdraw, and an additional Rs 40 lakh was sought," the victim told police. When he refused to pay further, the accused stopped responding.Police registered a case on Sunday under Sections 316(2) (criminal breach of trust), 318(4) (cheating), 319(2) (cheating by personation), and 338 (forgery of valuable security) of the BNS, along with Sections 66C and 66D of the IT Act. Further investigation is underway.