Housewife in Hyderabad loses Rs 1.52 crore in investment fraud via mobile app

HYDERABAD: A 45-year-old woman from the city lost Rs 1.52 crore in an investment fraud involving a mobile application. The woman, a master’s degree holder and currently a housewife, told police she was added to a WhatsApp group where discussions were held on investments in upper circuit stocks and mutual funds.

She opened an account through a link shared in the group and began investing in upper circuit stocks, SME/mainboard IPOs and mutual funds. She was allotted fake shares in large quantities and persuaded to invest further. When she attempted a partial withdrawal, she was asked to pay a 10% service fee as commission.