Hyderabad: A businessman from Quthbullapur was duped of over 25 lakh in a trading fraud, in which the scammers lured him with promises of investment opportunities in both Indian and US stocks, as well as pre-launch IPOs. Over the past six months, the fraudsters convinced him to invest more than 27 lakh, but he only received around 1.8 lakh in returns. Following his complaint, the Cyberabad Cybercrime wing has registered a case and launched an investigation.
According to police, the 52-year-old businessman had been actively involved in share markets through legitimate demat accounts for a long time. In May 2024, he came across an advertisement on Facebook promoting investment opportunities in QIP (Qualified Institutional Placements) and pre-launch IPOs via a US-based application called DRIEHAUS.
After expressing interest in the scheme, he was added to a WhatsApp group called “Stock Market Tips and Strategies – A2.” Initially, he checked the legitimacy of the organisation and found that DRIEHAUS was a recognised entity in the US. The group provided profitable stock tips for the Indian market, which he followed through his own demat accounts, earning good returns.
Encouraged by the success, he opened an account with DRIEHAUS for trading. He started with a modest investment of 2 lakh, which yielded a 40% return within a month. Gradually, he increased his investments, eventually totalling 28 lakh. By June, his virtual balance had grown to 95 lakh.
However, when he attempted to withdraw his funds, the organisers demanded 30% of the total amount as charges. He requested that the charges be deducted from his balance, but they insisted that he pay in advance. Despite repeated requests, he received no positive response and realised that he had been scammed.
Police revealed that he invested a total of 27.52 lakh and received 1.82 lakh in returns. “The accounts to which the funds were transferred are traced to Kerala, Punjab, and West Bengal, and they could be mule accounts. Further probe is on,” investigators said. They also warned the public not to trust fraudulent trading schemes.
