Hyderabad man duped of over Rs 9.5 lakh in online gold trading scam

HYDERABAD: A 38-year-old private employee from Hyderabad lost Rs 9,56,167 in an online gold trading scam that originated from an Instagram advertisement.

The victim was lured by an advertisement promoting gold share trading and subsequently joined a WhatsApp group called "A07-Rogers Premium VIP Stock Sharing Club" after clicking the link provided. The scam group, which had around 60 members, appeared to offer genuine investment opportunities.

After observing the group for a month, the victim decided to make his first investment. He followed the provided link and registered by entering his personal details, including his name, mobile number, and bank account information. Initially, he made small investments and could withdraw profits successfully, bolstering his confidence in the platform.

The scammers further encouraged the victim to invest more, promising higher returns. As he continued trading on the "Dot Gold" platform, the victim's investments seemed to grow rapidly, and he began involving other members through a separate WhatsApp group to discuss the platform's legitimacy. The initial success prompted him to invest larger sums, and the scammers guided him in trading during what they claimed was a low market.

However, when the victim attempted to withdraw his funds, he was asked to pay a 40% commission fee on the trading amount before his withdrawal could be processed. Trusting the scammers, he paid the commission and was allowed to withdraw his money. After that, the scammers informed him that he could trade without limits.

Encouraged by this, the victim continued to invest. His funds appeared to grow substantially, but when he tried to withdraw again, he faced similar demands. This time, the scammers asked for an additional 40% commission and central and capital gains taxes. Realizing something was wrong, the victim decided to stop trading. By this point, he had already paid multiple commissions and fees, resulting in a total loss of Rs 9,56,167.

The victim has since filed an online complaint seeking help, as his efforts to recover the funds were unsuccessful.

Authorities have advised citizens to be vigilant when approached with seemingly lucrative investment opportunities on social media.