Now Reading: Hyderabad CA duped of Rs 2.4 crore in stock fraud
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Hyderabad CA duped of Rs 2.4 crore in stock fraud
A 27-year-old chartered accountant from Hyderabad lost Rs 2.4 crore in a stock trading scam between November and December 2025. Fraudsters contacted him via email and Telegram, posing as trading experts, and…
The Story in Brief
A 27-year-old chartered accountant from Hyderabad lost Rs 2.4 crore in a stock trading scam between November and December 2025. Fraudsters contacted him via email and Telegram, posing as trading experts, and convinced him to invest through the Exness app. After initial small investments showed large paper profits, the victim transferred over Rs 2.4 crore in 52 transactions, taking loans to fund the scheme. When he tried to withdraw, his account showed a negative balance, the app was removed from Google Play, and the fraudsters deleted chat history and went silent.
The victim reported the fraud to the National Cyber Crime Reporting Portal on July 27 and filed a complaint with Cyberabad police on August 12. Police registered a case under multiple sections of the Bharatiya Nyaya Sanhita and the IT Act.
The Indian Opinion
The usual narrative paints victims as greedy or gullible, but this CA, a financial professional, fell for a polished scam that mimicked genuine returns. The real story is how easily fraudsters exploit trust in apps and social media, and how slowly banks and app stores act. Regulators must track where the Rs 2.4 crore went. This case will test whether cyber police can follow the money trail across multiple accounts before it vanishes offshore.
Sources (2): timesofindia.indiatimes.com, siasat.com
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
