Online stock trading scammer loots Rs 70 lakh from Hyderabad-based private employee

A 43-year-old private sector employee from Alwal, Hyderabad, fell victim to a sophisticated online stock trading scam, losing over Rs 70 lakh to cyber fraudsters posing as representatives of Zerodha, a well-known trading platform.

According to the Cyberabad cybercrime police, the scam began when the victim was contacted via WhatsApp by individuals identifying themselves as Hanan Delvi and Ishita Paul. They claimed to be affiliated with Zerodha and persuaded him to download a fake trading application via a web link they provided.

Trusting the scammers, the victim installed the app and followed their instructions, believing he was engaging in legitimate trading. Between April 30 and May 26, he transferred Rs 72.55 lakh to multiple bank accounts shared by the fraudsters. In an effort to gain his trust, they returned Rs 1.73 lakh to him on May 14, presenting it as ‘profit’ from his trades.

As the scam progressed, the victim was led to believe that his trading account had generated a massive profit of Rs 2.19 crore. When he attempted to withdraw Rs 15 lakh, he was told that a ‘tax payment’ of Rs 43.93 lakh was required before the funds could be released. This demand raised suspicion, prompting him to visit Zerodha's official office in Begumpet.

There, he was shocked to learn that the trading app and account he had been using were entirely fake, and that Zerodha had no association with the individuals who had contacted him. Realising he had been duped, the victim immediately called the 1930 cybercrime helpline and lodged a formal complaint with Cyberabad cybercrime police.

A case has since been registered under various sections of the Bharatiya Nyaya Sanhita (BNS), including cheating, impersonation, and forgery, along with section 66-D of the Information Technology Act, which pertains to cheating using electronic means. Authorities are currently investigating the case and working to trace the fraudsters involved.