Hyderabad, Nov. 3 -- A businessman from Hyderabad fell prey to an online trading fraud and was duped of Rs 53.9 lakh by cyber fraudsters.

On October 28, The victim approached the Gachibowli police and filed a complaint stating that he came across an advertisement regarding online trading on Facebook by trading platform "Ubsin". The advertisement claimed to offer expert guidance through a trading coach named "Prof Aditi Sharma."

The fraudsters promised high returns on the investment. After registering on the website www.ubsin.net, he was contacted by a woman who identified herself as Marry, a group analyst with UBS Institutional Accounts.

The lady instructed the victim to download the trading app "UBSIN" from https://www.ubsin.in.net an...