Jubilee Hills man defrauded of Rs. 57 lakhs in FX Road online trading scam
Hyderabad: A 60-year-old resident of Jubilee Hills, Hyderabad, fell victim to a sophisticated financial scam involving a fraudulent online trading platform named “FX Road,” which he discovered through an advertisement on Instagram. The scam resulted in a total loss of ₹57,43,414.
After clicking on the ad, the victim was contacted by individuals posing as representatives of FX Road. They guided him through a registration process, including digital document signing, and encouraged him to invest through credit card payments and bank transfers.
The fraudsters claimed the money was being used to trade in crude oil, precious metals, company stocks like Tesla, and cryptocurrencies. The platform initially displayed fake profits to gain the victim’s trust. As alleged market conditions became "volatile," the scammers pressured him to continue depositing funds to maintain "margin levels."
In a bid to keep up with the demands, the victim borrowed ₹7–8 lakh from Navi and took a ₹17.5 lakh loan against an ICICI Prudential Savings Suraksha policy. He was later urged to deposit another ₹25–32 lakh, but by then, he was financially and emotionally drained.
Investigations revealed that the perpetrators had used forged documents and impersonated representatives of the brokerage firm Tradebulls to carry out the scam. The victim reported the incident to the national cybercrime helpline (1930).
Public Advisory:
Authorities urge the public to remain cautious of investment platforms advertised on social media. Always verify if a financial service is registered with SEBI or other official regulatory bodies.
Reputed firms do not pressure clients into repeated deposits or promise unrealistic returns. Avoid sharing personal documents or transferring funds without proper verification.
In case of suspected fraud, preserve all communication and transaction records. Victims can report incidents by calling 1930 or visiting cybercrime.gov.in. For immediate assistance, call or WhatsApp 8712665171.