Archive · 21 Sep 2025
Freelancer Loses Over 86 Lakhs in Fake Trading App Scam
A person in Hyderabad was tricked into investing in a fake stock trading app, losing a lot of money.
The app promised big daily profits to get the person to invest.
The scammers showed fake profits at first to build trust.
But when the person tried to withdraw their money, the app stopped working and they lost all their money.
The police arrested someone and took their phone.
The scammers used social media to find victims and falsely claimed they knew a lot about trading to get the person to invest more.
A freelancer lost over Rs 86 lakhs to a fake trading app scam.
The scam used a fake SMC Ace app and promised high returns on investments.
The victim was shown inflated profits to build trust.
The app blocked the victim's access to funds when they tried to withdraw.
A 27-year-old private employee was arrested in connection with the fraud.
- Who
- A 64-year-old freelancer and a 27-year-old private employee.
- What
- A freelancer lost over 86 lakhs due to a fake trading app scam.
- When
- The scam started in April 2025.
- Where
- Hyderabad, India.
- Why
- The freelancer was tricked into investing in a fake trading app promising high returns.
- Incident
- Freelancer's loss in a cyber trading fraud
- Victim
- 64-year-old freelancer
- Loss Amount
- Rs 86,65,563
- Scam Method
- Fake SMC Ace app
- Accused
- 27-year-old private employee
- Location
- Hyderabad, India
- Start Date
- April 2025
