Hyderabad Seniors Duped of ₹58.8 Lakh Through Social Media Ads

Rapid Summary:

• Two senior citizens in Hyderabad have become victims of cyber fraud, collectively losing over ₹58.8 lakh.
• Case 1:

– A 60-year-old Jubilee Hills resident lost ₹57.4 lakh through a fraudulent Instagram-based investment platform called “FX Road.”
– The scammers posed as trading experts and displayed fake profits to gain trust.
– The victim was pressured into borrowing money and pledging his savings policy to continue investing after false claims of market volatility.
– Fraudsters impersonated representatives of Trade Bulls using forged documents.

• Case 2:

– A 68-year-old Dar-ul-shifa resident lost ₹1.46 lakh responding to a YouTube ad claiming a ₹20 coin could be sold for ₹50 lakh.
– The fraudster extracted payments under false pretexts, including file creation and clearance charges, before the victim realized the scam.

Investigations into both cases are ongoing,and both incidents were reported to India’s national cybercrime helpline (1930).

Indian Opinion Analysis:

The recent incidents highlight an alarming trend of targeted cyber fraud against vulnerable demographics such as senior citizens. By exploiting their trust in online platforms like Instagram and YouTube, scammers manipulate users with seemingly credible schemes involving high profitability or rare opportunities. These cases emphasize inadequate digital literacy among certain groups about identifying deceptive practices on social media platforms.

India’s growing internet penetration necessitates stronger awareness campaigns on online scams alongside policing improvements in detecting such crimes swiftly. Reporting mechanisms like the national cybercrime helpline serve as crucial avenues but need bolstered public familiarity and responsiveness from authorities for their efficacy. Addressing online vulnerabilities will call for collective action across government agencies, social media companies hosting advertisements, financial institutions providing loans exploited during scams, and community-level education drives.

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