Fake ‘Capstone IN’ trading app cheats two Hyderabad men of ₹1.64 crore
HYDERABAD: Cybercrime police have received two complaints alleging large-scale online trading fraud through a fake mobile application named CAPSTONE IN, with the total loss pegged at ₹1,64,40,017.
WhatsApp groups used to lure investors
According to the first complaint, filed on January 20, 2026, a 52-year-old Kondapur resident stated that he was contacted on WhatsApp in November 2025 by a person identifying himself as Prem Prakash Verma, who claimed to be a US stock broker. He was later added to WhatsApp groups related to stock trading and IPO discussions and was induced to register on a platform called Capstone IN.
A woman identifying herself as Anli assisted him with account registration and provided multiple bank account details for transferring funds. The complainant said he initially invested small amounts and was able to withdraw ₹1,01,000, which made him believe the platform was genuine.
Fake IPO allotments, repeated payment demands
The complainant said he was later shown profits from IPOs such as Modern Diagnostics and Gabion Technologies India Limited (GTIL) within the app. He was allegedly allotted large quantities of GTIL shares and was repeatedly asked to make additional payments towards “over-allotment”.
After transferring a total of ₹1,04,06,100, including money raised by selling ESOP shares and borrowing from a friend, he realised that the demands for further payments had no end and that Capstone IN was not a SEBI-registered entity. He refused to pay an additional ₹49,39,866 and reported the matter to police.
Second victim reports loss of ₹61.34 lakh
In a separate complaint received the same day, a 41-year-old software employee from Gajularamaram alleged that he was added to a WhatsApp group named “V10 New Book Discussion Group” in November 2025 by a person claiming to be Prem Prakash Verma.
The accused claimed academic and professional credentials and promised weekly returns of 20%–30%. The complainant was persuaded to open a so-called QIB trading account on Capstone IN and transferred money to various bank accounts on the instructions of Anli, who claimed to be the platform’s customer service manager.
After an initial small withdrawal of ₹2,083, the complainant invested ₹61,37,000 over several transactions. Though the app showed virtual assets of over ₹1.47 crore, he was unable to withdraw any amount and was asked to pay an additional ₹33,65,226 as “pending IPO balance”.
Police begin probe into fake app and accounts
Both complainants stated that subsequent verification showed that Capstone IN was a forged and fake trading application with no valid registration. Police have been asked to initiate legal action against the app operators, WhatsApp users involved, suspected bank account holders and other beneficiaries of the funds.
