- By Sahelee Rakshit
- Tue, 05 Nov 2024 10:48 PM (IST)
- Source:JND
A 63-year-old man from Hyderabad was defrauded of Rs 50 lakh after being lured into learning how to make enough money from the stock market. This individual was convinced to invest in a site known as "Skyrim Capital" by the scammers. The elderly guy realised he had been defrauded when he attempted to withdraw his money.
The victim used WhatsApp to connect with the fraudsters. A link to join the "Stock Discussion Group" WhatsApp group was sent to him. As a well-known financial counselor, the group administrator Kunal Singh, claimed to educate members on the ins and outs of stock market investment.
Singh claimed that many individuals have made significant gains under his advice and that investing in the companies he recommended has resulted in returns of as much as 500 percent. Singh then invited the victim to enroll in his online programs.
In his online lectures, the fraudster would discuss stock market trends and investments. However, his goal was to dupe the participants and get them to invest in his platform.
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The elderly man from Hyderabad fell into his trap and bought multiple stocks through a portal named 'Skyrim Capital'. In his early days, he made large returns by investing a tiny amount, which boosted the victim's confidence. Later, he went further into the trap and invested a big sum, totaling Rs 50 lakh.
Later, when he discovered that he could not withdraw his money, he realised that he had been duped. While the stock investing platform showed that he had made a profit of Rs 50 lakh from his investment, the victim was unable to withdraw the funds. He tried to call Kunal but was unable to do so. Following this, the man has filed a complaint with the police.