Hyderabad woman loses Rs 15 lakh after getting message from fake SBI officer

Over the past few months, there has been a spike in online scams where fraudsters are stealing money from people under the pretext of offering high investment returns. These scammers are creating fake groups on messaging platforms like WhatsApp and then adding unsuspecting individuals, offering insights and tricks to earn more money through investments. Many people have lost money after falling into these scams. A recent victim is a 43-year-old woman from Manikonda, Hyderabad, who was duped of approximately Rs 15 lakh by scammers posing as officials from SBI Securities.
The victim was lured by promises of high returns on investments through WhatsApp and a fraudulent trading application, reports the Times of India. According to the report, similar to other reported cases, the victim received a WhatsApp message in August promoting an ‘SBI Securities International Account,’ which purported to improve her trading skills and investment returns. Intrigued by the offer and seeing the reputed name of SBI, the victim expressed interest and was subsequently added to an ‘SBI Securities Group’ on the messaging platform. The scammers, posing as SBI officials, further convinced her to download an app called ‘SBI-INT’ and create an account, presenting it as an official SBI trading platform.
Under this fraudulent scheme, the scammers promised high returns through various investment opportunities, including IPO allotments, upper circuit stocks, and block trades. Believing it to be a legitimate opportunity, the victim initially made small investments. She was further encouraged by the prospect of substantial profits and, over time, increased her contributions, transferring several deposits into the app’s wallet, thinking she was investing in IPO stocks.
However, when the victim attempted to withdraw her profits and initial investments, the fraudsters demanded an additional payment of Rs 22 lakh, citing it as necessary for ‘taxes’ to release the funds. This demand raised her suspicions, prompting her to seek help. By then, the victim had already lost around Rs 15 lakh, with only a token return of Rs 25,000 paid out to her as part of the scam.
Realising she had been scammed, the victim immediately lodged a complaint with the Cyberabad Cyber Crime police. A case has been registered, and authorities have launched an investigation into the incident. This case highlights the increasing sophistication of cyber criminals who are using reputable organisations like SBI to lure unsuspecting victims.
To avoid falling victim to such scams, people are advised to verify any unsolicited investment offers, especially those promising unusually high returns. It is also crucial to double-check the authenticity of the contacts and the platforms being used.
Remember that financial transactions should only be conducted through official channels, and individuals should refrain from downloading unknown applications or clicking on suspicious links sent via messaging platforms. Additionally, before making significant investments, consulting with a financial advisor or directly contacting the financial institution in question can help verify the legitimacy of the investment opportunity.