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Chartered accountant loses Rs 2.4 crore in stock scam
Cyberabad cyber crime police have registered a cheating case after a 27-year-old chartered accountant from Gandipet lost over Rs 2.4 crore in a stock market investment fraud. The victim told police he…
The Story in Brief
Cyberabad cyber crime police have registered a cheating case after a 27-year-old chartered accountant from Gandipet lost over Rs 2.4 crore in a stock market investment fraud. The victim told police he was approached by fraudsters through email and Telegram in November 2025, posing as trading experts.
He was lured by initial profits on a fake app called Exness, which showed returns of Rs 5 lakh on a Rs 2 lakh investment. Encouraged, he invested more, transferring over Rs 2.4 crore across 52 transactions between November 20 and December 31. When he tried to withdraw, the account showed a negative balance, the app vanished from Google Play, and the fraudsters cut off contact. The victim had taken loans to fund the investments.
The Indian Opinion
This case shows that even financially literate professionals can fall for sophisticated trading scams. The promise of quick, huge returns blinds people to red flags, no registered app, unknown bank accounts, and a platform that later disappears. Instead of just blaming the victim, we need stronger oversight of trading apps and faster action by cyber crime portals. The real test will be how many similar complaints the National Cyber Crime Reporting Portal receives in the next quarter.
Source: timesofindia.indiatimes.com
This story was synthesised by AI from the source linked above.
