Goldman Sachs IPO Scam: Telangana Cyber Security Bureau arrests two
Hyderabad: Telangana Cyber Security Bureau(TGCSB) arrested two fraudsters involved in an Initial Public Offering (IPO) investment scam. The cybercriminals under the guise of investing in financial institutions like Goldman Sachs, siphoned Rs 5.4 crores.
Going further into details, on June 8, Manikantan a resident of RTC cross road, Chikkadapally, Hyderabad who was into a small trading business online received a WhatsApp invitation link to join a group named “B6/Stock Visionaries”. Following which intrigued by the potential opportunities, he joined the group.
One of the group members named Lydia Sharma, masquerading as a representative of Goldman Sachs contacted the complaint and informed that the company is set to release IPOs in India as they got the green signal from SEBI, with an inauguration scheduled for June 24, 2024. Manikantan was told that he could be the first person to buy the shares
Taking the bait, the Manikantan reached out to Lydia on July 10, 2024, to learn more about the upcoming IPOs. She requested his Aadhaar and PAN card details, which he promptly provided. Lydia then directed him to register on a website she provided claiming it was an official Goldman Sachs platform.
Following Lydia’s instructions, the complainant registered on the website and began trading. The website masqueraded as a legitimate Goldman Sachs portal and showed various trading options under BSE Sensex and NSE Nifty 50. Believing the site to be legitimate, he initially invested Rs 30,000 on July 10, 2024. Encouraged by apparent profits and further messages from group members, he continued investing, eventually reaching a total of Rs 5.4 crores by July 25, 2024.
The complainant, who manages two charitable trusts in Kerala with liabilities of 8.5 crore, was further convinced by Lydia to invest large sums, believing it would help clear his debts. The website showed significant profits, amounting to Rs 15.5 crores. However, when he attempted to withdraw his funds, the transaction was approved but never processed. The scammers then demanded additional investments to facilitate the withdrawal, leading the complainant to realize he had been duped.
Accused operating a software company
Subsequently he approached TGCSB, Hyderabad and lodged a formal complaint. Based on the complaint, police booked a case and started an investigation.
The investigation led to the arrest of two key suspects, Rampilla Kondal Rao and his brother Rampilla Chandrasekhar Azad, Directors of M/s Ricky Software Tech Pvt Ltd. They were apprehended in Vijayawada, where the complainant had transferred Rs 3.47 crore into a current account operated by the suspects at Cosmos Cooperative Bank. It was discovered that 26 similar complaints were lodged against these bank accounts across India.
The Telangana Cyber Security Bureau advises the public to be cautious of such fraudulent schemes and to verify the authenticity of trading platforms and investment opportunities. In case they are victims of any Cyber Crime, the citizens are advised to report the same immediately at cybercrime.gov.in or dial 1930. Further, the sooner the complaint is made preferably within the Golden Hour, higher the chances of recovery of money and apprehending the accused.
