Hyderabad: A 53-year-old businessman from Hyderabad contacted the Cyber Crime Unit two days ago that he received a WhatsApp message promoting business on the PML Pro app. The victim downloaded the app and contacted the customer care team, who advised him to deposit money to invest in the IPO allotment.
Later, the app blocked his withdrawal requests and demanded more funds. Caught in the scam, the victim transferred a total of Rs.1.31 crore through multiple transactions. An entry about the fraudulent transaction was made on the NCRP portal of the cyber crime unit.
The victim has been sent to the bank for further investigation. In follow up, with UCO Bank classified under Tier-1 total Rs. 50.87 lakhs four transactions were successfully stopped. Hyderabad Police Commissioner CV Anand praised the efforts of the Cyber Crime Unit.
In a public advisory, police have warned people to avoid investing based on unsolicited calls, messages or social media posts, as they may be fraudulent and not legitimate. Scammers use fake trading apps by promising huge profits and sharing fake profit screenshots.
Create fake social media profiles, invite victims, build trust, share success stories, and promise high returns. Later, they will deposit a small amount in the victim’s account to gain the victim’s trust.
Police have urged people to download apps only from trusted sources like legitimate websites or official app stores. No links received in social media posts/chats/SMS. Do not share bank details, password, OTP, card details with strangers (both online and offline).
Invest through reliable financial platforms or institutions. Always consult a SEBI registered financial advisor before investing. If reported promptly, there is a possibility to recover at least part of the lost amount and put it in the hold amount. Victims of such cyber fraud should immediately call 1930 or report to www.cybercrime.gov.in.