Hyderabad businessman loses ₹3.41 crore in online trading fraud
HYDERABAD: A 57-year-old businessman from Begumpet has lodged a complaint alleging that he was cheated of ₹3.41 crore in an elaborate online trading fraud by individuals posing as stock market experts and representatives of a trading platform.
According to the complaint, Gowra Subbaraju, a resident of Motilal Nehru Nagar, Begumpet, approached the Cyber crime police on January 3, 2026, stating that he was induced to invest large sums of money through a platform named ORBM after being contacted on WhatsApp by a person identifying himself as Nadir Verma.
WhatsApp pitch and fake profits
Subbaraju told police that Verma first contacted him on October 29, 2025, claiming to be a professor researching the stock market and writing a book on investments. He allegedly explained trading strategies, including investments in Qualified Institutional Buyers and initial public offerings, promising unusually high returns.
In early November, Verma and his associate, who introduced herself as Aisha, allegedly persuaded the complainant to register on the ORBM trading application, claiming it handled stock trading in Indian, US and Hong Kong markets and that all analysis would be managed by the company.
The complainant said he initially invested ₹1 lakh on December 2, 2025, through RTGS to a firm named Rohan Enterprises, after which the app showed a profit of around 5%.
₹3.41 crore transferred to multiple accounts
Encouraged by the displayed profits, Subbaraju said he went on to invest a total of ₹3,40,96,958 over the next 22 days. The money was transferred through RTGS, NEFT and cheque transactions from his RBL Bank and State Bank of India accounts to several entities, including Rohan Enterprises, Stepon Facilities Management, Bastar Valley Foundation, Raju Manpower Contractor, Chahal Mobile Plaza, Mass Care International and Forte Pluiee Commerce Private Limited.
The funds were credited to bank accounts in Maharashtra, Haryana, Chhattisgarh, Rajasthan, Punjab, Bihar and Puducherry, according to transaction details submitted with the complaint.
Withdrawal blocked, suspicion raised
The complainant said that when he attempted to withdraw his funds on December 22, 2025, the accused demanded additional deposits, citing tax and withdrawal conditions. Suspecting fraud, he stopped further payments.
On January 1, 2026, Subbaraju registered a complaint on the National Cyber Crime Reporting Portal. He later approached the local police, seeking action against those involved and recovery of the cheated amount.
Police said a case has been registered and efforts are on to trace the beneficiaries of the bank accounts and the digital trail of the transactions.
