Hyderabad: The Hyderabad police issued a cautionary on the rising investment frauds in Hyderabad. Believing promises like double profits on your investment or becoming a billionaire overnight, many people – ranging from the common man to the well-educated – are losing crores of rupees.
Many victims are approaching the police to report that they have been cheated. They are also bringing these issues to their notice through social media. It is truly heartbreaking to see the plight of these victims. “This is because, in many cases, the fraudsters are not strangers but people we know well, sometimes even our own relatives. People must realize that relationships and friendships often cease to exist when money is involved, and excessive greed leads to total ruin,” the police said.
Cybercriminals are casting their nets on social media with lures like, “Invest in Multi-National Companies,” “We will get you an IPO under a special quota,” or “Guaranteed 20 per cent daily profit.”
“They will add you to Telegram groups containing hundreds of members. These members post screenshots claiming, “I made one lakh profit,” or “I made two lakhs.” Please remember… all of them are fake! They are merely fake accounts created by the group admin.”
“Initially, they ask you to download an app. If you invest Rs.5,000, they show it as Rs.10,000 on the screen. Lured by this, people are investing lakhs of rupees by using their retirement funds or by mortgaging family gold into these apps.”
“There is only one hard truth you need to know here: What you see on your mobile screen are merely ‘Virtual Profits.’ The only thing in your bank account is ‘Real Money.’ The moment you try to withdraw that money, their true colors are revealed. They will ask you to ‘pay tax’ or ‘pay service charges’ and drain whatever money you have left, but you will not get a single rupee back,” the police said
The police said there were no shortcuts to earning money. Money is earned only through hard work. If someone promises abnormally high returns, it is definitely a scam. Before investing in any company, please make sure to check whether it is registered with SEBI or not.
Never transfer money to individual bank accounts in the name of investment. Unfortunately, if anyone realizes that they have been cheated, call the number 1930 immediately. The sooner the call is made, the higher the chances of recovering your money. It is better to be alert beforehand than to make rounds of police stations after being cheated. Protect your hard-earned money, the police added.
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