Overview

• Police arrested Bobbari Srinivasa Rao, 34, in Visakhapatnam after a Hyderabad retiree reported losing Rs 43 lakh.
• The victim received a WhatsApp message from an account named Axis Security that posed as being linked to Axis Bank and offered IPO allotments.
• Fraudsters showed fabricated profits, claimed discounted shares under a QIP quota after market hours, and threatened to freeze funds to coerce extra payments.
• The man invested across four transfers between July and early August 2025 and realized on August 6 that the offer was bogus.
• Officers seized two phones, two SIM cards, three passbooks, seven debit cards and 13 cheque books, and issued advisories to avoid unsolicited investment pitches on WhatsApp or Telegram.