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yesterday

Hyderabad Cyber Cops Arrest Vizag Man in ₹43 Lakh Fake IPO Scam

Investigators describe a mule-account network tied to 19 similar cases, urging vigilance over WhatsApp and Telegram investment pitches.

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She said in her statement that the fraudsters told her that bank accounts in her name in Mumbai were being used to fund terrorists involved in the Pahalgam attack.

Overview

  • Police arrested Bobbari Srinivasa Rao, 34, from Visakhapatnam for allegedly enabling a ₹43 lakh IPO allotment fraud targeting a Hyderabad resident.
  • A 63-year-old victim transferred funds between July and early August after a WhatsApp approach from a fake “Axis Security” account posing as linked to Axis Bank.
  • Fraudsters showed fabricated dashboards and profits, claimed discounted after-hours allotments under a QIP quota, created sham loans, and threatened to freeze funds.
  • Officers seized two phones, two SIM cards, three passbooks, seven debit cards, and 13 cheque books, and registered a case under the IT Act and Bharatiya Nyaya Sanhita.
  • Police say the accused acted as an account supplier connected to 19 cases nationwide and have issued advisories on scams using social media ads, fake websites, and WhatsApp groups that increasingly target the elderly.