HIGHLIGHTS

A businessman falls victim to a significant cyber fraud scheme.

The scam was initiated by a woman posing as a bank employee.

Fraudsters provided a fake trading platform and false SEBI certificates.

A recent incident in Manikonda, Hyderabad, serves as a stark warning about the perils of online investments. A businessman lost an astonishing Rs 4.76 crore in a carefully executed cyber scam that masqueraded as a legitimate stock investment opportunity. For anyone considering online investment, this detailed account underscores the importance of vigilance and caution. Here’s a breakdown of how the scam transpired and tips on safeguarding yourself from falling into similar traps.

The ordeal began on March 18, 2025, when the victim was approached by a woman named Vinita Patodia. She claimed to work as an assistant to a group at the securities exchange of a private bank. Captivated by her proposition regarding stock investments, the victim was later introduced to another con artist posing as Vinita Parekh, who claimed to be an assistant to a high-ranking official named Aswin Parekh at the bank.

Utilizing multiple WhatsApp numbers, the scammers meticulously crafted a believable facade, enhancing their credibility. By sharing a professionally designed website, a trading application, and even counterfeit SEBI certificates, they successfully gained the victim’s trust, as reported by TOI. The promise of staggering returns ranging from 100% to 300% lured the businessman into making 42 separate transactions, culminating in the transfer of Rs 4.76 crore to 14 different bank accounts between March and April of the same year.

Initially, the fraudsters seemed to provide a semblance of legitimacy by allowing the victim to withdraw small amounts, including Rs 1.5 lakh. However, the façade crumbled when he attempted to withdraw his amassed “profits” of over Rs 49 crore. The scammers demanded an advance payment of 15% as “tax,” totaling Rs 6.72 crore, which raised alarms.

Realizing something was amiss, the businessman sought advice from an accountant, only to discover that he had fallen victim to a sophisticated scam.

How to Safeguard Yourself Against Such Scams

• Verify Investment Platforms: Always confirm if any investment-related apps or websites are registered with the respective governmental authorities.
• Avoid Unrealistic Promises: Exercise caution towards individuals or platforms that guarantee extraordinarily high returns in a short duration.
• Conduct Thorough Research: Perform extensive online searches for the names, companies, or email addresses presented to you. Look for reviews or any cautionary alerts linking them to scams.
• Take Your Time with Payments: Do not rush into any financial decisions. Consult with a financial advisor prior to transferring money to unfamiliar entities.
• Report Suspicious Activity: If you notice anything that raises an alarm, promptly inform the cybercrime authorities.

For more insights, check out this related article: Man loses Rs 1.6 cr in crypto investment scam: Here’s what happened and how to stay safe

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