Hyderabad businessman loses ₹2 crore to fake stock trading app
HYDERABAD: A 37-year-old businessman from Pedda Amberpet on the outskirts of Hyderabad has alleged that he was cheated of ₹2,00,13,066 through alleged fraudulent stock market trading application promoted via Facebook and WhatsApp.
The complainant, Siddenki Rakesh Reddy, told cybercrime police that he was drawn into the scam in November 2025 after coming across an investment advertisement on Facebook that promised high returns through stock market trading.
WhatsApp group, fake profits and initial payouts
According to the complaint, a WhatsApp group named Nomura FGQ I-189 was created in the name of NOMURA SECURITIES, where members shared stock tips and screenshots of alleged profits. Reddy joined the group around November 19, 2025, and was asked to trade through a mobile application accessed via a web link.
He was registered as a High Net Worth (HNW) account holder using his mobile number and was asked to share Aadhaar details for “verification”. The group’s chief operator, identified as Kavya Reddy, guided him through the trades, along with other customer service contacts.
Reddy initially invested ₹40,000 and was shown profits on the app. He said a withdrawal of ₹27,880 was credited to his bank account, which boosted his confidence.
IPO investments and mounting demands for payments
Over the next few days, Reddy participated in institutional stock trades, OTC trades and IPOs. He was later persuaded to invest heavily in IPOs under the Qualified Institutional Buyers (QIB) category, including Nephrocare Health Services Limited and KSH International Limited.
The app showed profits running into several crores after the shares were “sold”, with his total displayed earnings touching about ₹9.28 crore. However, when he attempted to withdraw the amount, the operators demanded a commission payment of ₹80,67,213, which he paid.
Despite this, the transaction was blocked, and he was asked to pay the same commission again. When Reddy requested that the amount be adjusted against his displayed profits, the operators refused, claiming they had no control over private HNW accounts, and continued to demand further payments.
Cybercrime complaint registered
Realising that he had been duped, Reddy lodged a complaint with the Cyber Crime authorities by dialling the national helpline number 1930 on December 31, 2025.
The total financial loss suffered by him has been pegged at ₹2,00,13,066. Cybercrime police have begun an investigation into the fraudulent trading app, WhatsApp group administrators and associated bank transactions.
