Hyderabad: Retired IAS officer duped of Rs 3.37 crore in fake stock trading scheme

Hyderabad: In a shocking case of cyber fraud, a 72-year-old retired IAS officer from Somajiguda was duped of Rs 3.37 crore by fraudsters operating a fake stock trading app posing as a legitimate investment platform.

The victim, who previously held key positions in the erstwhile Andhra Pradesh government, reported the incident to the Telangana Cyber Security Bureau (TGCSB).

Victim installed a harmful APK file from scammers

According to the complaint, the fraudsters convinced the officer to download an APK file that installed an app named ‘Dhani Securities’—a sophisticated fake application designed to resemble a real trading platform. One of the accused, introducing himself as Arjun Ramesh Mehta, falsely claimed to be the chief investment officer of the firm.

Promising high returns on mutual funds, IPOs and options trading, the fraudsters claimed to use AI-powered tools with a 90 per cent profit success rate. From March to May, the officer made multiple transactions ranging from Rs 28,000 to Rs 50 lakh, totalling over Rs 3.3 crore.

Victim was asked to pay additional funds to withdraw earnings

The scam was exposed when the victim tried to withdraw his alleged profits of Rs 22 crore and was told to pay an additional Rs 33.5 lakh to access the funds—prompting suspicion and a formal complaint.

TGCSB officials confirmed that a case has been registered under Sections 318(4), 319(2), and 338 of the Bharatiya Nyay Sanhita (BNS) and Section 66-D of the IT Act. Investigators are currently tracking bank transactions and digital evidence to identify and apprehend the culprits.