Cyberabad police have uncovered two major online trading scams involving fake financial platforms and fraudulent apps, resulting in losses of over Rs 4 crore. Victims were misled through social media and WhatsApp groups.

Hyderabad: Two large scale online trading frauds have come to light in Cyberabad, with victims collectively defrauded of Rs 4.15 crore, prompting the Cybercrime police to register both cases on the same day.

According to the Cybercrime officials, in these scams, fraudsters impersonated officials from reputed financial companies and lured victims via social media platforms like Facebook and Instagram.

Victims were added to WhatsApp groups showcasing fake profits, persuaded to download fraudulent trading apps, and repeatedly transferred funds under promises of guaranteed

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