Hyderabad: How fraudsters posing as Bajaj Fin Securities honchos looted man of ₹3.24 Cr using WhatsApp investment group

Hyderabad: Telangana Cyber Security Bureau (TGCSB) has arrested three more persons for their alleged involvement in a trade investment fraud case where a victim lost over Rs 3.24 crore.

The accused have been identified as Md Raziuddin, a private employee, Md Waliullah, a nursing student, and Mohd Zubair Khan, a computer operator, all residents of Hyderabad.

Victim lured via WhatsApp investment group

According to TGCSB Director Shikha Goel, the victim lodged a complaint on July 11 stating that he was cheated in the name of investments by fraudsters claiming to represent ‘Bajaj Fin Securities Ltd’.

The complainant had received a WhatsApp message with an invitation link to join a group that regularly shared market trends, IPO updates, and block trade tips.

The group admin, identified as Purav Jhaveri, and his assistant, Prisha Singh, convinced the victim to download an app titled ‘Bajaj Financial Securities Limited’ and invest in block trades and IPOs, promising assured allotment and high returns through Institutional Investors.

Believing them, the victim transferred Rs 3,24,85,000 between May 30 and July 9, 2025.

Partial returns and demand for extra payments

The victim managed to withdraw Rs 5 lakh on June 20. However, when he attempted another withdrawal on July 8, the application showed a successful transaction, but the money was never credited.

Upon contacting customer care, he was asked to pay an additional 15 per cent to release the funds. Realising he was duped, he filed a police complaint.

Scam operated from abroad, say police

Preliminary investigation revealed that the masterminds, Purav Jhaveri and Prisha Singh, are believed to be operating from Cambodia. “The fraud appears to have originated from abroad, with the accused using Indian WhatsApp numbers to lure victims,” said TGCSB Director Shikha Goel.

Arrested accused provided bank accounts for commission

The three arrested individuals allegedly provided their bank accounts to the fraudsters for commission. Raziuddin, a recent B.Tech graduate, came across a Telegram group, suspected to be run by Chinese nationals, offering high commissions for converting cash into cryptocurrency.

He was promised Rs 1.5 lakh per account and convinced his friends Waliullah and Zubair to open accounts. Waliullah opened one current account, while Zubair opened five accounts after receiving Rs 95,000 from Raziuddin. Waliullah’s account received Rs 15 lakh (Rs 7.5 lakh linked to the complainant’s case).

Raziuddin operated Waliullah’s account, withdrew the funds using cheques, converted the money into USDT, and stored it in a Binance crypto wallet.

Previous arrest linked to the case

Earlier, TGCSB had arrested Sai Amarnath, a photographer, who had opened a current account in the name of Cam Zoom Services and provided it to the fraudsters for crediting the crime proceeds. He was found to be involved in 14 other crimes across states.

Case registered under BNS and IT Act

The case has been registered under sections 318(4), 319(2), 338 of the Bharatiya Nyaya Sanhita (BNS) and section 66-D of the IT Act, 2000-2008. Police continue efforts to trace the main accused and dismantle the foreign-operated fraud network.