Senior citizen duped of ₹35 lakh in online trading fraud in Madinaguda
Retired woman lured through WhatsApp group promising high returns
HYDERABAD: An 80-year-old retired employee from Madinaguda, Hyderabad, was allegedly cheated of ₹35,00,500 by cyber fraudsters who claimed to help her trade in the Indian stock market through a fake application named ACSTRADE.
Police said the complaint was lodged by B. Ramadevi, wife of Prathap, a resident of Madinaguda, on October 30, 2025. She alleged that she was added to a WhatsApp group on September 25, 2025 by a woman named Manisha Gupta, who, along with Aarav Gupta and Meena Joshi, promised lucrative returns from trading in upper-circuit stocks and IPO allotments.
Fraudulent trading app and multiple transfers
According to the complaint, Aarav Gupta introduced himself as the “Chief Investment Officer” and instructed Ramadevi to download the ACSTRADE app using a referral link and code. Believing the claims, she first transferred ₹10,000 through her HDFC Bank account, followed by several subsequent transactions totalling ₹35,00,500 between September 25 and October 23, 2025.
Each deposit was made to different accounts under unique “charge codes” provided by the accused, who claimed this was standard for “HNI accounts.” The complainant was shown screenshots of fake profits and told that the funds could be withdrawn anytime without commission.
Withdrawal blocked, more money demanded
Ramadevi realised she had been duped when the app stopped allowing withdrawals. When she sought to withdraw her investment, the group demanded an additional ₹7 lakh as a “release fee.” After she refused to pay, the accused stopped responding.
Police said the fraudulent platform was found to be linked to a fake trading domain, and all communications were conducted through WhatsApp. The Miyapur police have registered a case and launched an investigation to trace the culprits and the associated bank accounts.
