Hyderabad: A 64-year-old freelancer from the city lost Rs 86,65,563 after falling victim to a cyber trading fraud operated by a fake SMC Ace app.
Starting in April 2025, the victim was persuaded by WhatsApp messages promising high daily returns from 2% to 20% on institutional stocks and 10% to 80% on OTC trades and IPOs under the QIB quota. The scammers created an illusion of legitimacy by showing inflated profits and allowing small withdrawals to build trust.
On further Investigation, Hyderabad’s cybercrime team arrested a 27-year-old private employee from Punjab. Police seized his mobile phone and debit card from the accused. Influenced by these fake returns, the victim continued to invest larger sums by transferring money from his bank account into accounts controlled by the accused. However, when he sought to withdraw a significant amount, the app stopped working and the scammers blocked access to his funds, revealing the entire scheme as a well-planned deception.
The scam involved emotional and financial manipulation to lure the victim into heavier investments. The accused falsely claimed expert knowledge in forex trading, used fake profit credits, demanded additional payments under the guise of taxes or withdrawal fees, and employed social media platforms like WhatsApp, Telegram, Instagram, X, and Facebook to promote the fraudulent scheme.
Police seized a mobile phone and debit card from the accused.
Source: Freelancer falls prey to fake stock trading app, loses Rs 86 lakh
