Online trading fraud costs Secunderabad man over ₹1 crore
Complainant alleges cheating through fake IPO investments
SECUNDERABAD: A 54-year-old private employee from Secunderabad has filed a complaint with the Cybercrime Police Station, alleging that he was cheated of ₹1,02,15,873 through a fraudulent online investment scheme operating under the name “Premier Investment Fund Limited”.
Nageshwara Rao, a resident of Sikh Village, said he received a WhatsApp message on August 2, 2025, from a woman identifying herself as Nikita Sharma, who lured him with promises of high returns through online trading in initial public offerings (IPOs).
Series of transactions over two months
According to the complaint, Rao initially invested ₹20,000 but was persuaded to increase his investment after being shown false profits. He said Sharma and another individual named Raj Koradia claimed to represent the trading platform and encouraged him to invest in multiple IPOs, including those of “TECHD” and “Saatvik”.
Over the next two months, Rao transferred funds through multiple bank transactions, including IMPS, NEFT, and cash deposits, to various accounts across banks such as Utkarsh Small Finance Bank, IndusInd Bank, and Bank of Baroda.
He alleged that the fraudsters blocked his account after collecting over ₹1 crore. “They kept demanding additional funds under the pretext of taxes and handling fees. After my last payment of ₹5 lakh on October 22, 2025, they went offline,” Rao stated in his complaint.
Police have registered a case based on NCRP and the FIR was filed upon written complaint. Police initiated an investigation into the network of fake trading platforms and bank accounts used in the scam.
