Online Trading App Scam: 63-Year-Old Defrauded of Rs 2.2 Crore

According to police, the victim was added to a group named "H911 MO Market Think Tank" on December 21, 2025. The group was allegedly run by criminals impersonating well-known investors like Raamdeo Agarwal, Maniklal, and Siya Verma. They frequently shared screenshots of profits and tips to gain his trust.

The victim was persuaded to download a trading application via a link shared in the group. Initially, the app showed small returns, prompting him to invest increasingly larger sums. However, when he tried to withdraw his money, his account was suddenly blocked.

The fraudsters then demanded extra 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 the police. After he refused further payments, the accused stopped responding.

The Malkajgiri cyber crime police have registered a case under multiple sections of the Indian Penal Code, including criminal breach of trust, cheating, personation, and forgery, along with Sections 66C and 66D of the IT Act. Investigations are currently ongoing to identify and apprehend the accused.

Cyber experts warn investors to be cautious of unsolicited stock tips on social media and messaging apps, and to verify the authenticity of trading platforms before investing.