A 72-year-old retired IAS officer residing in Somajiguda, Hyderabad, has fallen victim to a cyber fraud amounting to Rs. 3.37 crore through a sophisticated fake stock trading application. The officer, who previously held senior posts in the erstwhile Andhra Pradesh government, lodged a formal complaint with the Telangana Cyber Security Bureau (TGCSB) detailing the fraud.
According to the complaint, the scam began when fraudsters tricked the victim into downloading an APK file through a link they shared. The link directed him to an app named “Dhani Securities”, which appeared to be a professional and legitimate trading platform.
One of the prime suspects, who identified himself as Arjun Ramesh Mehta, claimed to be the Chief Investment Officer of the fictitious firm. Along with his associates, Mehta promised high returns through investments in mutual funds, IPOs, and options trading, asserting they used AI-based analytical tools with a supposed 90% success rate.
“The fraudsters consistently shared stock market updates and investment advice via WhatsApp to build trust,” a TGCSB official stated. Over the course of March to May 2025, the retired officer made multiple transfers, ranging from Rs. 28,568 to Rs. 50 lakh, ultimately totalling Rs. 3.3 crore.
The scam came to light when the victim attempted to withdraw his alleged profits worth Rs. 22 crore, but was told he must first pay an additional Rs. 33.5 lakh to access the funds. This demand aroused suspicion and prompted him to report the matter to authorities.
The TGCSB registered a case on Friday under Sections 318(4) (cheating), 319(2) (cheating by personation), and 338 (forgery of valuable security, will, etc.) of the Bharatiya Nyaya Sanhita (BNS), along with Section 66-D of the IT Act. Investigators are currently analysing bank transactions and digital footprints to trace and apprehend the accused.
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