Hyderabad is becoming a hub for Online Fraud In India, there have been more reports of cyber fraud. In a recent case, businessman Gopu Venugopala Reddy lost Rs 5.9 crore due to a sophisticated fake initial public offering (IPO).IPO) scam. This event highlights the growing threat of internet fraud in the city, as scammers prey on unsuspecting victims with supposedly lucrative promises.
The scam targeted Reddy, a resident of Kukatpally, and took advantage of his interest in stock market investments. It began when he received a WhatsApp A message promoting a purported “Goldman Sachs Business School” offering block trades and preferential access to IPOs. The message caught his attention because it used the name of a well-known financial institution. Shortly thereafter, a woman claiming to be the assistant to the CEO of Goldman Sachs contacted him and presented him with an investment opportunity in the Indian stock market through institutional accounts.
The scammers convinced Reddy to register for the scheme through a Google form and download a trading app called “GSIN,” which was falsely associated with Goldman Sachs. Believing in the legitimacy of the offer, Reddy transferred Rs 5.9 crore of his savings to various bank accounts provided by the scammers between January 30 and February 22.
Suspicions arose when Reddy tried to withdraw his funds. The scammers demanded 20 per cent of the profits (Rs 2.8 crore) as a withdrawal fee, which raised his doubts. When he requested that the 20 per cent be retained and the remaining balance released, the scammers insisted on a minimum payment of 10 per cent (Rs 1.4 crore). Realising that he had been duped, Reddy refused to pay the additional amount and lodged a complaint with the police. Investigation revealed that his money had been channelled to 11 different bank accounts, complicating efforts to recover the funds.
This case serves as a reminder of the growing sophistication of cyber frauds targeting investors. To protect yourself, it is essential to verify the authenticity of any investment opportunity and avoid transferring money to unknown persons.
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