Man loses ₹6.32 lakh to fake online gold stock trading
A 57-year-old from Himayathnagar, Hyderabad lost ₹6.32 lakh to a fake online gold stock trading scheme.
The scam started when a woman named "Amrutha Reddy" reached out on Facebook and WhatsApp, convincing him to invest $500 in "US Gold Stocks" through a platform called NFM Capital Markets.
Fake account balance ballooned to over $38,000
The victim saw his fake account balance balloon to over $38,000 but was never able to withdraw any money.
Each time he tried, he was told to pay new fees—taxes, withdrawal charges, currency conversion—until a final demand for ₹8 lakh as "compliance charges" made him realize something was wrong.
He reported the fraud using the 1930 cybercrime helpline.
Police issue warning
Hyderabad Cyber Crime Wing is now investigating.
Police are urging everyone not to trust random investment offers on social media and to always check if trading platforms are officially registered before putting in money.
If you or someone you know gets caught up in a similar scam, report it quickly via the 1930 helpline, cybercrime.gov.in, or WhatsApp at 8712665171.