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The scam reportedly began when the victim clicked on a Facebook advertisement that promised early access to upcoming IPOs
Stock Market Scam
In a troubling instance of stock market fraud, a 37-year-old private sector employee from Asif Nagar, Hyderabad, lost Rs 2.8 crore after falling victim to a fake Initial Public Offering (IPO) scheme, according to a Times of India report.
The scam reportedly began when the victim clicked on a Facebook advertisement that promised early access to upcoming IPOs. The ad redirected him to a fraudulent website operated by scammers, who then added him to a WhatsApp group where regular discussions about IPO investments were staged to build credibility.
One of the fraudsters, posing as a woman named “Priya,” gained the victim’s trust and persuaded him to begin investing through a fake app called ASKMIN. Between March 7 and April 21, 2025, the victim made multiple deposits into the app.
To reinforce the illusion of legitimacy, the scammers initially transferred Rs 4.9 lakh into the victim’s account as so-called profits. Encouraged by this, the victim continued investing larger sums. However, when he eventually attempted to withdraw his funds, the fraudsters demanded a 15% processing fee. They even displayed a fake account balance of Rs 32.3 crore within the app to further mislead him.
As the withdrawal was repeatedly delayed and additional payments were demanded, the victim realized he had been defrauded and approached the Hyderabad Cyber Crime Police.
A case has since been registered under various sections of the Bharatiya Nyaya Sanhita and the Information Technology Act, including charges of cheating, forgery, and running an organized crime syndicate. Authorities have launched an investigation into the network operating behind the ASKMIN platform.
This case highlights the increasing sophistication of online financial scams and serves as a cautionary reminder to investors. Experts advise that individuals should only trust investment opportunities verified through SEBI-registered intermediaries or official stock exchange channels, and avoid engaging with unsolicited offers on social media or unfamiliar platforms.
