Archive · 16 Sep 2025
Retired Employee Loses ₹6.8 Crore in Online Trading Scam
A retired man in Hyderabad was tricked into an online trading scam and lost a lot of money.
He was added to a group on WhatsApp where someone named Karim Varma convinced him to download fake trading apps.
Another person, Kristin, showed him how the automated system would make him money.
At first he made some profit and deposited more money.
Eventually, he had deposited ₹6.8 crore but when he tried to take out ₹1.5 crore he was told he had to pay a capital gains tax first.
Realizing it was a scam, he contacted the cyber security bureau.
A 61-year-old retired employee from Hyderabad was defrauded.
The victim lost ₹6.8 crore in a fake online trading scheme.
The scam started with the victim being added to a WhatsApp group.
He was convinced to download apps linked to a fraudulent trading website.
The victim was asked to pay capital gains tax before withdrawing funds.
- Who
- 61-year-old retired employee
- What
- Lost ₹6.8 crore in an online trading scam
- When
- September 12 (attempted withdrawal)
- Where
- Hyderabad
- Why
- Fraudulent trading platform promising high returns.
Victim
Scammers
Investment Returns
Victim
Expected high returns as promised by the platform
Scammers
False promises of high returns to lure victims.
- Victim
- 61-year-old retired employee
- Location
- Hydernagar, Hyderabad
- Amount Lost
- ₹6.8 crore
- Scam Method
- Fake trading platform through WhatsApp group
- Key Figures
- Karim Varma and Kristin
- Complaint Filed With
- Telangana Cyber Security Bureau (TGCSB)
