Stock trading app fraud: Hyderabad man loses Rs 12.3 lakh, two from Mumbai arrested
The scammers posed as market experts and persuaded the victim to invest through a bogus trading platform called AEGIS
By - Newsmeter Network
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Hyderabad: The Hyderabad Cyber Crime Police have arrested two men from Vashi in Navi Mumbai for cheating a 53-year-old city resident of Rs 12.30 lakh through a fake online stock trading platform.
Accused is involved in 12 other cases
The accused were identified as Ravi Kumar Lal (38) and Shivendra Ashok Singh (32). Police said both were part of a larger interstate cyber fraud network involved in at least 12 similar cases across India, including two in Telangana.
A case was also registered under Sections 66C and 66D of the IT Act and relevant sections of the Bharatiya Nyaya Sanhita (BNS).
Lured through fake WhatsApp investment groups
According to police, the victim was contacted through WhatsApp groups operating under the names ‘Flames Alliance’ and ‘Munoth Capital Investment Limited’. The latter was a fake entity misusing the name of a genuine company.
The scammers posed as market experts and persuaded the victim to invest through a bogus trading platform called AEGIS. Believing the profit claims shown on the app, the victim transferred funds into several bank accounts.
Rs 12.30 lakh transferred in 15 days
Between August 13 and August 28, the victim deposited Rs 12.30 lakh in multiple transactions. Initially, he was shown fake profits and allowed small withdrawals to gain confidence.
However, when he attempted to withdraw a larger amount, the fraudsters demanded additional payments, threatened forfeiture of existing funds and eventually blocked all communication after admitting to the fraud.
Multiple mule accounts are involved
Police said Ravi Kumar Lal (A1) acted as the account operator and OTP handler. He controlled a Bank of Baroda account by sharing OTP access with another accused, Viraj of Pune, who is currently absconding.
Shivendra Ashok Singh (A2) was the mule account supplier, who opened multiple bank accounts and handed them over for routing the cheated money.
Classic cyber fraud pattern
Investigators said the accused followed a typical cyber trading scam model, promising double to triple returns in a short time. They displayed fake profits on the trading app and allowed limited withdrawals initially. They pressurised victims to invest larger sums and blocked withdrawals once heavy amounts were deposited.
Seizures and investigation
During the arrests, police seized four mobile phones and three cheque books used for the illegal transactions.
Public caution issued
Police have urged the public to be cautious of:
- Online stock trading tips promising quick and unusually high returns
- Fake IPO, mutual fund and multi-bagger stock schemes
- Fraudulent apps and websites circulated through WhatsApp, Telegram, Instagram, X and Facebook
Officials warned that such schemes usually do not carry Sebi approval and rely on fake profit screenshots and fabricated dashboards to trap victims.
What to do if you are cheated
Victims of cyber fraud should immediately dial 1930 or lodge a complaint at https://cybercrime.gov.in.
