Hyderabad Man Loses Rs 2.8 Crore in Fake IPO Investment Scam

A 37-year-old man from Asif Nagar, Hyderabad, lost Rs 2.8 crore in a stock market scam. He saw an ad on Facebook that promised he could invest in new IPOs. When he clicked the ad, it took him to a fake website run by scammers. They added him to a WhatsApp group where they talked about investments every day. One scammer, pretending to be a woman named Priya, convinced him to put in more and more money using their app called ASKMIN.

At first, to gain trust, the scammers sent him Rs 4.9 lakh as fake profits, making him believe he could make even more money. Encouraged, he kept investing larger amounts. But when he wanted to take out his money, they asked for an extra 15% fee as a processing charge. They showed him a fake account balance of Rs 32.3 crore on their app, but the money never came.

Realizing he had been tricked, he reported the scam to the Cyber Crime police in Hyderabad. They have now opened a case against the scammers for cheating and running an organized crime group. The authorities are trying to find those behind the ASKMIN app. This case reminds all investors to be careful when dealing with online investment offers and to always check with official sources before investing any money.