Hyderabad, July 29 -- Another innocent citizen has become a victim of an internet scam in Hyderabad this time, an 80-year-old man from Tolichowki, who lost more than Rs 19 lakh to a fake insider trading scam.

The victim told the police that he was browsing news on the internet on July 18, when he came across a false news report with an interview of a TV anchor based in Tamil Nadu by the name "Saadu Saduguru," which stated that he made additional money from investment in the stock market.

Intrigued, the victim clicked on the linked link and was subsequently contacted by a man representing himself as Saim, an "accounts manager" for a company named Ifex Capital. Saim first made what appeared to be legitimate financial advice and offered ex...