Fake Trading App Scam: Senior citizen loses Rs 74 L, two held in Maharashtra
The scam followed a calculated pattern where victims were contacted via WhatsApp, Telegram, and internet calls
By Newsmeter Network
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Hyderabad: The Hyderabad Cyber Crime Police have arrested two men from Pune, Maharashtra, in connection with a major online investment scam that defrauded a Hyderabad resident of Rs 74.36 lakh.
The accused, identified as Rushikesh Jaywant Kamble and Sohel Mohammad Sultan Shaikh, allegedly lured the victim using a fake trading application and false promises of high returns. The police seized two mobile phones, four four SIM cards, two cheque books from the possession of the accused.
According to the police, the 65-year-old complainant from Tolichowki was initially contacted via WhatsApp, where fraudsters introduced a trading app under the name Abbott Wealth Management. Persuaded by convincing communication and manipulated visuals of profits, the victim invested over Rs 74 lakh through the application.
Soon after, the app became inaccessible and the fraudsters cut all communication.
Modus Operandi: Deceit Disguised as Investment
The scam followed a calculated pattern where victims were contacted via WhatsApp, Telegram, and internet calls, fraudsters impersonated investment professionals from well-known firms, fake trading platforms were used to show manipulated returns and dashboards and once convinced, victims were asked to transfer funds to multiple accounts. After receiving the money, the accused blocked the victims and vanished.
Investigation and Arrest
Following the complaint, a case was registered at Cyber Crime Police Station under Crime No. 967/2025, invoking sections 66(C), 66(D) of the IT Act, and relevant provisions of the Bharatiya Nyay Sanhita (BNS).
A police team led by Inspector N. Dilip, under the supervision of ACP R.G. Siva Maruthi, traced and arrested the duo from Pune. The investigation revealed that the accused were not only operating with accounts in their names but also used benami bank accounts to route the money, thereby obscuring the financial trail.
Wider criminal network across India
The arrested individuals are linked to 38 cases across multiple states, including Telangana (3 cases), Uttar Pradesh (11), Maharashtra (7), Karnataka (4). Other states: Rajasthan, Gujarat, Jammu & Kashmir, Delhi, Andhra Pradesh, Tamil Nadu, Kerala, Punjab.
Public Advisory
The police have issued a warning to the public:
Be cautious of unsolicited investment offers on WhatsApp and Telegram.
Avoid clicking on suspicious links or downloading unverified apps.
Verify the credentials of any company before investing.
In case of suspected fraud, dial 1930 or report at cybercrime.gov.in.
