Vizag Sees Major Cyber Scam, 8 People Duped of Rs 3 Crore

Eight residents from various parts of Vizag have filed complaints with the cyber crime police after falling victim to online fraud. The victims reported being contacted by individuals on social media who posed as stock market analysts or engaged in honey-trapping tactics, convincing them to invest money in fraudulent stock trading schemes.

The modus operandi begins when thieves pose as stock analysts and contact individuals, luring them to invest in certain websites by promising returns. Alternatively, they befriend vulnerable people, gain their trust, and encourage them to invest in fraudulent sites, citing high returns.

In one case, a 55-year-old tech employee lost Rs 1.4 crore after a woman contacted him through Instagram. Their conversation grew close, and she then persuaded him to invest in the stock market. He initially received small cashbacks and profits, motivating further investment. After large investments, the victim stopped receiving returns and was blocked from the website, resulting in a loss of Rs 1.45 crore.

In another instance, a 35-year-old man was targeted and approached by a woman posing as a stock analyst and convinced him to invest. Upon receiving small cashbacks, he made huge investments and borrowed money from friends and relatives. He was cheated out of Rs 73 lakhs.

Recently, cases of cyber fraud have been on the rise in Andhra Pradesh, with most victims being tech-savvy youngsters. An officer from the cyber crime police station in Vizag said that despite regular advisories warning people not to fall for such scams and urging them to invest only after visiting an office and completing the necessary paperwork and formalities, many still end up becoming victims of these crimes.

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