Cyber crooks bleed AP investors of ₹20 crore a month
Andhra Pradesh is recording a steady rise in investment-related cyber frauds, with educated professionals accounting for nearly 80 per cent of victims despite repeated awareness campaigns by police.
On average, around 30 people fall victim every month across Visakhapatnam, Vijayawada, Tirupati, and other cities, with collective losses estimated between ₹15 crore and ₹20 crore monthly.
Fraudsters typically contact targets through WhatsApp and Telegram, offering high-yield stock market investment opportunities. They initially show small profits to establish trust. Once victims invest larger amounts, withdrawal requests are blocked, and additional deposits are demanded on various pretexts.
Two cases from Visakhapatnam in April reflect the trend. A 43-year-old lost over ₹1.2 crore in the first week of the month to a fake stock trading scheme. Later in the third week, a 60-year-old lost more than ₹1.45 crore in a similar fraud. Both were well-educated and familiar with digital platforms.
Inspector K. Bhavani Prasad of the Visakhapatnam cybercrime police station said the promise of quick, high returns remains the primary reason victims fall prey. “Investors tend to ignore risks and fall for unrealistic promises of high profits in a short span,” he said.
Police said many of the accused remain unidentified, and efforts to trace the fraud networks and recover lost funds are ongoing.