Hyderabad, Oct 5 : Two victims of trading and online investment frauds lost more than Rs 50 lakh in two separate cases in Hyderabad, police said on Sunday.

In online gold stocks trading fraud, a person was cheated to the tune of Rs 6.32 lakh while another citizen lost Rs 43 lakh in online investment fraud.

A 57-year-old resident of Himayathnagar was cheated by an online trading platform called NFM Capital Markets through an agent named Amrutha Reddy, who first contacted the victim via Facebook and WhatsApp.

She convinced him to invest in 'US Gold Stocks' using a fake trading dashboard showing fabricated profits.

The victim made transactions totaling Rs 6,32,000 through Google Pay and SBI YONO, believing the fake wallet balance of $38,694.94 was genuine.

Later, the fraudsters demanded more money for 'taxes' and 'withdrawal charges' and even threatened legal action.

When asked to pay an additional Rs 8 lakh, the victim realised it was a scam and promptly reported the matter through 1930 Cyber Helpline, enabling partial fund recovery.

In another case, a 63-year-old investor received a WhatsApp message from "AXIS Security", which appeared to be associated with Axis Bank, offering IPO allotments and trading opportunities.

Believing it to be genuine, he invested more than Rs 43,00,000 between July 12 and early August 2025.

The fraudsters regularly showed fake dashboards displaying profits and discounted share allotments, claiming the trades were under Qualified Institutional Placement (QIP) quota.

They allotted more shares than his balance allowed, labelling the difference as a 'non-interest loan', and demanded repayment with threats to freeze his account.

Upon realising that AXIS Security was fake, the victim filed a complaint.

The Cyber Crime Police, which registered the case, has cautioned people to remain vigilant against fake online investment and trading platforms that are actively deceiving citizens through WhatsApp, Telegram, Facebook, Instagram, and X.

Fraudsters create fake trading websites, apps, and dashboards showing false profits to build confidence and lure victims into depositing larger amounts.

They later block withdrawals under excuses such as 'tax payments', 'compliance verification', or 'conversion charges'.

Once substantial sums are collected, they either disappear or threaten the victims with fake legal action, Police Commissioner V.C. Sajjanar said.

/IANS