Archive · 3 Nov 2025
Hyderabad Businessman Loses ₹54 Lakh to Fake Trading Platform
A businessman in Hyderabad saw an ad on Facebook promising big money from trading stocks.
He clicked on it and visited a website called Ubsin.
Someone pretending to be a trading expert guided him to download an app and set up an account.
He believed it was real and sent them money multiple times, eventually sending almost ₹54 lakh.
The scammers showed him fake profits on his account, trying to get even more money.
When he finally tried to take his money out, they blocked him and disappeared.
Now, the police are trying to find these fraudsters and get the money back.
A Hyderabad businessman lost ₹53.99 lakh to fraudsters promoting a fake online trading platform called 'Ubsin'.
The victim was lured by a Facebook advertisement promising high returns and expert guidance from a 'trading coach'.
He registered on the website, downloaded a trading app, and made multiple deposits totaling ₹53.99 lakh into various accounts.
Fraudsters displayed large 'virtual profits' on his account to build trust before demanding more money for a 'bank IPO' commission.
When the businessman tried to withdraw funds, access was blocked, leading him to report the incident to Cyberabad Cybercrime police.
- Who
- A Hyderabad-based businessman
- What
- Lost ₹53.99 lakh to fraudsters operating a fake online trading platform
- When
- Complaint filed on October 28, with transactions occurring over several weeks prior
- Where
- Hyderabad
- Why
- Lured by promises of high returns from a Facebook advertisement promoting stock trading, the victim invested in a fraudulent platform.
Victim's Perspective
Scammers' Tactics
Investment Platform Legitimacy
Victim's Perspective
The businessman believed he was investing in a genuine online trading platform ('Ubsin') based on advertisements and communication from 'experts'.
Scammers' Tactics
The platform was fake, designed to deceive investors, with fabricated profits displayed to build trust and encourage further deposits.
Profit Realization and Withdrawal
Victim's Perspective
The victim expected to withdraw his invested funds and apparent 'virtual profits' after being shown a large sum in his wallet.
Scammers' Tactics
The fraudsters intentionally disabled withdrawal options and deactivated communication channels once they had collected the maximum amount, preventing the victim from accessing his money.
Initial Contact and Lure
Victim's Perspective
The businessman was attracted by a Facebook ad promising high returns and expert trading guidance.
Scammers' Tactics
The scammers used sophisticated lures, including fake social media ads, seemingly professional 'group analysts,' and a fabricated trading coach, to engage and deceive the victim.
- Amount Lost
- ₹53.99 lakh
- Victim's Profession
- Businessman
- Scam Method
- Fake online trading platform
- Platform Name (Fake)
- Ubsin
- Platform Website
- www.ubsin.net
- App Name (Fake)
- UBSIN
- Date of Complaint
- October 28
- Location
- Hyderabad
