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A serious case of stock market fraud has come to light from Hyderabad, where a 37-year-old man lost ₹2.8 crore to a fake IPO (Initial Public Offering) scam. The victim, who works in the private sector and lives in Asif Nagar, was tricked by fraudsters who used a clever online trap to steal his money.
How the Scam Started
The man first came across a Facebook advertisement that claimed to offer early access to upcoming IPOs — a tempting offer for anyone looking to invest in the stock market. IPOs are the first sale of a company’s shares to the public, and many investors see them as a chance to earn quick returns. The ad looked professional and convincing, which led the victim to click on the link.
The Trap: Fake Website and WhatsApp Group
After clicking the ad, he was taken to a fake website that was designed to look like a genuine stock trading platform. Without realizing it was a scam, the victim started engaging with the platform. Soon after, he was added to a WhatsApp group run by the fraudsters. In this group, daily messages were shared about supposed IPO investment tips, profits, and insider access to new stock launches. The group was created to build trust and make the scam look real.
Over time, the victim was convinced to transfer large amounts of money, believing he was investing in legitimate IPOs. Eventually, he ended up losing a total of ₹2.8 crore to the fake scheme.
A Growing Concern for Online Investors
This incident is a warning for everyone who invests or plans to invest online. Scammers are now using social media platforms like Facebook to reach people and trick them with fake promises. Always double-check the authenticity of investment opportunities and avoid clicking on links from unknown sources. It’s also a good idea to consult with a registered financial advisor before making any big investments.