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The elderly man was lured by profits from small initial investments on the platform, eventually investing Rs 50 lakh after gaining false confidence in it
The elderly man got lured and invested money in several stocks through a platform called ‘Skyrim Capital’. (Representative/Shutterstock)
Amid rising cases of online fraud in the country, a 63-year-old man from Hyderabad was cheated of Rs 50 lakh after being lured into learning the tricks of earning sufficient money from the stock market.
The fraudsters persuaded this man to invest on a platform called ‘Skyrim Capital’. When the elderly man tried to withdraw his money, he realised that he had been cheated.
The victim encountered the scammers through WhatsApp. He received a link to join a WhatsApp group, ‘Stock Discussion Group’. The group admin, Kunal Singh, introduced himself as a reputed financial advisor and claimed that he teaches people the tricks of investing in the stock market.
Singh asserted that many people have booked huge profits under his guidance, claiming that by investing in the stocks he suggested, many people have received returns of up to 500%. Singh then asked the victim to enrol in his online classes.
The fraudster used to speak about stock market trends and investments in his online classes. However, his aim was to deceive the attendees and make them invest on his platform.
The elderly man from Hyderabad fell into his trap and invested money in several stocks through a platform called ‘Skyrim Capital’. In his initial days, he booked substantial profits when he started investing a small amount, which built up the victim’s confidence. Later, he fell further into the trap and invested a large amount, amounting to a total of Rs 50 lakh.
Later, when he found out that he was not able to withdraw his money, he realised that he had been cheated. While the stock investment platform was showing that he has booked a profit of Rs 50 lakh following his investment, when the victim tried to withdraw the money, he was unable to do so. When he tried to contact Kunal, he was not able to do so. Following this, the man has now lodged a complaint with the police.