Shaikpet & Somajiguda men defrauded in trading app scam promoted on Insta; Lose over Rs. 10L
Hyderabad: Two men from Hyderabad, aged 41 and 42, were cheated in an online trading scam that originated through Instagram. The victims, from Shaikpet and Somajiguda, lost a total of over ₹10 lakhs after being lured by fake investment schemes.
Both came across promotional videos and advertisements for stock trading on Instagram, shared by accounts named “NJ Investors Alliance” and “756 NJ Lakshmi Wealth Circle.” They were later added to WhatsApp groups where multiple members, believed to be fake, shared stories of high profits, creating a false sense of credibility.
According to the police, a woman identified as Sahana Iyengar, who introduced herself as a receptionist or assistant to a professor, guided them through the process. She convinced them to download a trading app called NJHNI and deposit money for stock purchases.
One of the victims invested ₹2 lakhs, while the other deposited ₹8.39 lakhs over time. The app displayed fake profits, with one account showing a balance of over ₹90 lakhs. However, when they tried to withdraw the money, they were either asked to pay a 10% service fee or were blocked entirely. Realizing they had been scammed, both men lost contact with the fraudsters and reported the matter.
Public Advisory:
Authorities have issued a warning urging the public to remain cautious of online trading scams:
- Do not trust investment offers on Instagram or WhatsApp, especially those promising high returns.
- Never download trading apps from unverified sources. Use only platforms listed by SEBI, NSE, or BSE.
- Fraudsters often pose as investment advisors and use fake SEBI registration numbers and testimonials.
- Do not share PAN, Aadhaar, or banking details with unknown apps or individuals.
- No genuine platform demands upfront payments for withdrawals.
- Always verify any investment advisor’s SEBI registration at www.sebi.gov.in.
Victims of cybercrime should immediately dial 1930 or file a complaint at cybercrime.gov.in. For urgent assistance, contact 8712665171.