A casual online conversation turned costly for several Vizag residents, as fake investment links quietly drained crores from their pockets.
A series of cyber fraud complaints has brought fresh attention to online investment scams in Visakhapatnam, where eight people reported losing more than Rs. 3.5 crore over the past two days. The victims, who come from different parts of the city, approached the cybercrime police after realising they had been cheated through fake stock market investment schemes.
Social Media Leads to Major Loss
In one major case, a 55-year-old employee of a private firm said he lost around Rs. 1.45 crore. According to his complaint, he came into contact with a woman on a social media platform. After weeks of regular conversations, they exchanged phone numbers and continued speaking. During these interactions, the woman introduced him to an online trading platform and claimed it offered steady profits.
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She shared a web link that looked like a stock trading portal. After entering his details, the man received confirmation that he had been registered as a high-value investor. He initially transferred Rs. 5,000 and saw small gains credited to an online wallet shown on the platform. Trusting the process, he continued sending money in larger amounts.
Each time he tried to withdraw funds, the platform demanded extra payments as commission or processing charges. The man transferred money to several bank accounts provided by the operators. When the platform blocked his access and refused withdrawals, he realised he had fallen into a trap.
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Fake Trading Platforms Target Multiple Victims
In another case, a 35-year-old man reported a loss of Rs. 73 lakh. He said a woman, who claimed to be a stock analyst, convinced him to join a trading platform. Following her instructions, he transferred money in stages. He also borrowed funds from friends and relatives to continue investing. The platform showed large virtual profits, but when he attempted to withdraw them, the fraudsters asked for more money as commission.
Six other victims reported similar experiences, with total losses crossing Rs. 1.32 crore. In all cases, the fraud followed a similar pattern of social media contact, fake trading links, and repeated demands for money.
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Cybercrime police officials said such investment frauds have increased in Vizag and other parts of Andhra Pradesh. They noted that many victims are young and familiar with technology. Police have advised the public not to trust online posts or social media messages that promise quick returns. Officials urged people to seek guidance through official channels before making any investment.
The article originally appeared on Hindustan Times
