Hyderabad police arrest man in ₹49.9 lakh trading fraud
HYDERABAD: Cybercrime police in Hyderabad arrested Mohammed Ashfaq, 33, for his alleged role in an online trading fraud that cheated a city resident of ₹49.9 lakh, police said on Monday.
Victim lured through WhatsApp investment group
According to police, the victim received a WhatsApp message from a woman identifying herself as Meena Bhat, who claimed to represent “86 DBS India Wealth Group Investment”. She added him to a WhatsApp group and shared a link to an internal trading portal for stock investments.
The victim initially deposited ₹2 lakh and was allowed to withdraw a small amount after showing profits. Encouraged by this, he transferred more money to bank accounts shared by the accused. Police said the fraudsters later claimed that an IPO had been allotted in excess of his investment and pressured him to deposit additional funds to close the subscription.
When the victim refused to pay more, he was removed from the WhatsApp group and blocked. He later realised he had been cheated and lodged a complaint through the national cybercrime helpline 1930 and at the Cybercrime police station in Hyderabad.
Account used as conduit for larger fraud network
Police said Ashfaq provided his bank account to cyber fraudsters on a commission basis. Investigators found that around ₹3.70 crore was routed through the account, with the accused allegedly sharing OTPs to enable transactions.
The account was linked to 29 cyber fraud cases across India, including 12 in Telangana, police said.
Based on the complaint, police registered FIR No. 2319/2025 under Sections 66(C) and 66(D) of the Information Technology Act and Sections 318(4), 319(2), 336(3), 338 and 340(2) of the Bharatiya Nyaya Sanhita. The accused was arrested during the investigation.
Police said similar cases were registered at Cybercrime police stations in Hyderabad city and Cyberabad.
Public advisory
Police urged the public not to share bank accounts or credentials with unknown persons, warning that such actions could invite legal liability.
Cybercrime police said fake investment frauds commonly operate through social media links, WhatsApp or Telegram groups, unsolicited calls and fake websites that display fabricated profits to gain trust. Victims are often asked to pay additional charges such as taxes or fees to withdraw funds, which are never released.
