Hyderabad senior citizen loses Rs 43 lakh in IPO scam; Vizag loan agent arrested
Police said he is involved in 19 fraud cases across the country, including two in Telangana
By Newsmeter Network
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Hyderabad: The Hyderabad Cyber Crime Police arrested a housing loan agent from Visakhapatnam for allegedly duping a senior citizen of Rs 43 lakh through a fake IPO allotment scheme.
Accused with 19 fraud cases across country
The accused, Bobbari Srinivasa Rao, hails from Gandivanipalem in Visakhapatnam district. Police said he is involved in 19 fraud cases across the country, including two in Telangana.
In the racket, he acted as an account holder and account supplier. Officers seized two mobile phones, two SIM cards, three passbooks, seven debit cards and 13 cheque books from his possession.
Scammer posed as Axis Bank agent
A 63-year-old Hyderabad resident fell prey to the fraud after receiving a WhatsApp message from a group posing as ‘AXIS Security’, falsely projecting ties with Axis Bank.
The group lured him with promises of IPO allotments and trading opportunities. Trusting the scheme, the victim transferred Rs 43 lakh in four installments between July 12 and early August 2025.
Fake dashboards and threats
The fraudsters reportedly created fake online dashboards, claimed to offer discounted shares under the Qualified Institutional Placement (QIP) quota, and even displayed share allotments exceeding the victim’s balance.
Later, they demanded additional payments under the guise of a ‘non-interest loan’, threatening to freeze his funds if he refused.
Realising the fraud on August 6, the victim lodged a complaint with the Cyber Crime Police. A case was registered under Sections 66-C and 66-D of the IT Act and provisions of the Bharatiya Nyaya Sanhita (BNS).
The investigation was led by Inspector S Mattam Raju and his team.
