Retired Nizam sugars employee duped of Rs 20 lakh in Hyderabad

HYDERABAD: A 65-year-old retired employee of Nizam Sugars Limited from Madhapur lost Rs 20 lakh after falling victim to an online trading scam.

The victim began trading on a fake platform on October 9, misled by advertisements and phone calls claiming that their company was authorised by the Union government to assist investors in professional trading.

Fraudsters initially showed fake profits to gain his confidence, prompting multiple transfers from his bank accounts.