Beware of Forex and Jewelery Investment Scams: Police Alert | Hyderabad news

Hyderabad: Cyber ​​fraudsters are increasingly targeting unsuspecting investors with fake currency trading and jewelry investing apps, promising high returns. Two cases recently filed with the Cyberabad Cyber ​​Crime Police highlight the growing risk posed by such fraudulent platforms, including “Bull Forex” and “Wwake Jewelery Investment” programs.
In the first case, Sudhir Kumar, a 51-year-old resident of Old Alwal, said he had invested Rs 1.5 lakh in the Bull Forex app promoted by a broker named Vipin Kumar. After making the investment, Kumar saw the balance on the app, but when he tried to withdraw, he was told that he had to pay an additional Rs 1 lakh for tax purposes.
When Kumar refused, the broker turned off his phone, leaving him without access to his funds or the app. A case has been registered with the help of the National Cybercrime Portal, and the police are currently investigating.
In a separate incident, on October 28, 2024, Dhiraj Yadav of Kutbullapur filed a complaint against the jewelry investment app Wwake. Yadav said he downloaded the app in early March and initially invested 8,700 through PhonePe linked to his SBI account. He received small payments of 520.60 over two days, but was promised 548 back every day for a 50-day period. Eventually, the payments stopped showing up in the app, resulting in a total loss of 98,354.
RBI cautions investors
The cases come amid increased warnings from the Reserve Bank of India (RBI), which recently updated its list of warnings about unauthorized currency trading platforms. The RBI has warned investors to be wary of these scams and check the platforms before investing.
Police are investigating both cases and urge citizens to remain vigilant and avoid installing high-risk, uncontrolled applications. The RBI has added several entities, platforms and websites to its warning list of unauthorized currency trading platforms.