Yousufguda senior citizen loses Rs. 86 lakhs to fake SEBI-linked trading apps

Hyderabad: A 64-year-old resident of Yousufguda, Hyderabad, lost ₹86.41 lakhs in an organized online trading scam involving two fake investment apps, FYERSPIUS and SMCACE, operating under the guise of SEBI-linked platforms.

The victim was initially contacted via WhatsApp messages in April 2025, which promised high returns through daily trades in institutional stocks, over-the-counter (OTC) trades, and IPOs under the Qualified Institutional Buyer (QIB) quota. Trusting the claims, he downloaded the apps and was guided to open trading accounts.

Through FYERSPIUS, the man invested ₹71.75 lakhs. The app showed a notional balance of ₹5.51 crores, including a profit of ₹4.78 crores. However, when he attempted to withdraw ₹2.5 crores, he was told to first pay a 20% profit share upfront. The app did not allow this amount to be deducted from the balance. When he could not pay the demand, withdrawal access was denied.

A similar pattern followed with the second app, SMCACE, where he invested ₹14.66 lakhs. This app displayed a notional profit of ₹5.56 lakhs. When he sought to exit, he was asked to pay various fees, including account closure charges, taxes, and a 30% profit share, again, all upfront. After he questioned the charges, access to the app was blocked. He then received a fake Enforcement Directorate notice accusing him of money laundering.

The fraud was later confirmed by a related cybercrime case reported in the Eenadu newspaper on June 30, 2025, involving the same individuals.

Public Advisory:

Authorities have issued a warning to investors:

• Do not trust trading platforms promoted via WhatsApp or social media promising unusually high returns.
• Always verify the legitimacy of trading apps with SEBI or other official regulatory bodies.
• Never transfer funds to third-party or personal bank accounts based on instructions from unverified agents.
• Be cautious of any demand for advance payments in the name of profit share, taxes, or account fees.
• Do not rely on unverified contacts for financial advice or trading activities.

Victims of cyber fraud are urged to report incidents immediately to the Cyber Crime Cell by calling 1930 or visiting cybercrime.gov.in. For assistance in Hyderabad, call or WhatsApp 8712665171. Preserve all communication records, including messages, emails, screenshots, and bank statements, to aid investigations.