Rs 2.93 Crore Trading Scam Busted, Two Arrested

The Hyderabad Cyber Crime police today busted a major trading fraud in which a victim was cheated of Rs 2.93 crore through a fake WhatsApp investment group.

The police said that the fraudsters posed as financial advisors, lured the victim with fake profit screenshots and convinced him to invest in trading platforms. After allowing small initial withdrawals to build trust, they persuaded the victim to deposit large sums.

Two persons - Shekar and Tinesh Kumar Parjapathi - were arrested for providing mule bank accounts used to route the fraudulent money.

The police warned citizens against trusting investment schemes promising high returns on social media platforms, and advised them to verify the authenticity of investment advisors, companies and trading platforms through official websites before investing.

The police also warned the public not to transfer money to unknown bank accounts or so-called institutional or internal equity accounts shared via WhatsApp, Telegram or other social media platforms.

Citizens are also advised to remain cautious and immediately report suspicious investment offers to the Cyber Crime Helpline at 1930 or lodge a complaint on the National Cyber Crime Reporting Portal (www.cybercrime.gov.in).