Cyberabad Cyber Crime Police bust ₹1.33 Cr fake online trading scam; 6 held

Hyderabad: Cyberabad Cyber Crime Police have busted two separate online scam networks involving fake trading/IPO investments and part-time job offers.

Data reveals that multiple victims were cheated of ₹1.33 crore.

A total of six accused have been arrested for their role in facilitating the fraud through mule bank accounts.

Trading & IPO Investment Fraud: ₹1.26 crore cheated

Police said fraudsters orchestrated a sophisticated scam by posing as investment advisors on WhatsApp and Telegram, luring the victim into a fake AI-based trading and IPO platform promising high returns.

The victim was added to multiple groups where scammers shared fabricated profit screenshots, trading tips, and IPO opportunities to build credibility. He was then directed to register on a forged trading website and transfer funds through IMPS, NEFT, and RTGS into multiple bank accounts.

Though the platform displayed huge virtual profits, the victim was repeatedly persuaded to invest more. When he attempted to withdraw the amount, fraudsters demanded additional payments under various pretexts.

Arrested:

Umesh Chauvan

Rathod Dasharath

Police revealed that the accused knowingly provided and operated mule bank accounts to route the defrauded money in exchange for a commission.

Part-time job fraud: ₹7 lakh cheated

In a similar case, cyber fraudsters duped another victim of ₹7,00,400 through a fake part-time job scheme circulated via WhatsApp.

The victim was initially offered simple online tasks like adding items to carts, with assured commissions. To gain trust, fraudsters made small initial payouts. Later, the victim was asked to deposit money to complete higher-value tasks through a fraudulent online platform wallet.

The scammers manipulated the platform to show fake profits and balances, and demanded further payments, citing credit score upgrades, penalties, and withdrawal charges. Eventually, withdrawals were blocked, exposing the scam.

Arrested:

Teluguntla Pratap Reddy

Naveen Reddy Ippa

Vemula Pavan Kumar

Sai Teja Pasupula

All four accused allegedly facilitated the fraud by supplying bank accounts used to receive and transfer the cheated money.

Modus Operandi: Trust-Building to Financial Trap

Investigations revealed a common pattern in both cases:

Victims were approached via messaging apps with lucrative offers

Fraudsters created fake platforms showing virtual profits

Initial trust was built through small returns or group interactions

Victims were coerced into making repeated payments

Withdrawals were blocked, with demands for additional charges

Public Advisory

Cyber Crime Police have issued a strong advisory urging citizens to remain vigilant:

Do not trust unsolicited investment or job offers on social media

Verify trading platforms with SEBI registration before investing

Avoid downloading apps or accessing links from unknown sources

Never transfer money to personal or unknown bank accounts/UPIs

Be wary of demands for advance fees, taxes, or withdrawal charges

Report cyber fraud immediately at www.cybercrime.gov.in or call 1930

Police reiterated that increased public awareness and timely reporting are crucial to preventing such cyber frauds, which are becoming increasingly sophisticated and widespread.