https://indianmasterminds.com

ADVERTISEMENT
ADVERTISEMENT

Retired IAS Officer Duped of Rs. 3.37 Crore in Stock Trading App Scam – Know All Details

According to the complaint, the scam began when fraudsters tricked the victim into downloading an APK file through a link they shared
Indian Masterminds Stories

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.

Also Read: Simdega Cyber Fraud: ₹93.63 Lakh Stolen from College and Livelihood Mission Accounts Using Cloned Cheques

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.

Also Read: Cybercriminals Impersonate Karnataka IAS Officer on WhatsApp to Solicit Money


Indian Masterminds Stories
ADVERTISEMENT
ADVERTISEMENT
Related Stories
ADVERTISEMENT
ADVERTISEMENT
NEWS
8th Pay Commission members
8th Pay Commission Formed: Chairperson Justice Ranjana Prakash Desai to IAS Pankaj Jain – Know More About All Members
BEML,_DPA,_DMRC,_and_Umeandus_Collaborate_
BEML, DPA, DMRC, and UTIPL Collaborate to Launch India’s Advanced Rail-Based Freight System (e-FTS)
CSS central secretariat service
CSS Forum Expresses Gratitude to PM Modi, Union Cabinet for Approving 8th Central Pay Commission ToR, Urges Implementation by 2026
Punjab-Haryana-High-Court-resized
Punjab & Haryana High Court Imposes Rs 2 Lakh Cost on Senior Punjab Officials for Disobeying Court Orders on Modified Vehicles
CM Vishnu Deo Sai and Wife
Spiritual Fervor in Kunkuri: CM Vishnu Deo Sai Performs Sacred ‘Tulsi Archana’ Seeking Blessings for Chhattisgarh
HUDCO
HUDCO Signs MoUs Worth Over ₹5,500 Crore with Major Port Authorities to Boost India’s Maritime Infrastructure
Uttarakhand Ghost Villages
Turning Silence into Sustainability: Uttarakhand’s Plan to Revive Ghost Villages through Homestay Tourism
Madhya Pradesh Foundation Day 2025
Madhya Pradesh to Celebrate Foundation Day with Grand Events, Vision Document ‘Prosperous MP @ 2047’ to Be Released
ADVERTISEMENT
ADVERTISEMENT
Videos
IAS Gokul S
Meet IAS Gokul S — The Officer Who Turned Disability into Determination | Video Interview 
WhatsApp Image 2025-10-23 at 10.40
Everybody Needs To Know What Is Transpiring Behind Closed Doors Of Courts
WhatsApp Image 2025-10-19 at 12.23
UPSC Journey Should Be Enjoyable, Not Cumbersome
ADVERTISEMENT
UPSC Stories
IAS Gokul S
Meet IAS Gokul S — The Officer Who Turned Disability into Determination | Video Interview 
Visually impaired IAS officer Gokul S turned his challenges into change, empowering hundreds through...
Parmeshwar Chaudhary RAS
From Taunts to Triumph: How Farmer’s Son Parmeshwar Chaudhary Rose from Lab Assistant to SDM, Securing Rank 3 in RAS 2023
Parmeshwar, once taunted over his SI selection, has scripted a stunning success—securing Rank 3 in RAS...
IAS Rupal Rana UPSC
How Rupal Rana Cracked UPSC CSE 2023 with AIR 26 After Four Attempts
UPSC Topper Rupal Rana secured AIR 26 in 2023 after four attempts. Learn her preparation strategy, booklist,...
Social Media
Tenzin Yangki IPS Arunachal
Historic First: Who Is Tenzin Yangki, Arunachal Pradesh’s First Woman to Join IPS? Anand Mahindra Hails Her
She secured an impressive 545th rank in the prestigious UPSC Civil Services Examination - 2022.
IFS Parveen Kaswan
Heartbreak by the River: 15-Day-Old Elephant Calf Rejected by Mother, Rescued by IFS Parveen Kaswan and His Team
Jaldapra, West Bengal: In a moving incident that tugs at the heart, a 15-day-old elephant calf was rescued...
Ashwini Bhide IAS and Anand Mahindra
Who Is IAS Ashwini Bhide, Hailed as a Role Model for Mumbai Metro Transformation by Anand Mahindra?
From heritage to high-tech: Bhide’s leadership in Metro Line 3 earns public praise and admiration
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Latest
8th Pay Commission members
8th Pay Commission Formed: Chairperson Justice Ranjana Prakash Desai to IAS Pankaj Jain – Know More About All Members
BEML,_DPA,_DMRC,_and_Umeandus_Collaborate_
BEML, DPA, DMRC, and UTIPL Collaborate to Launch India’s Advanced Rail-Based Freight System (e-FTS)
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
Videos
IAS Gokul S
WhatsApp Image 2025-10-23 at 10.40
WhatsApp Image 2025-10-19 at 12.23
ADVERTISEMENT
ADVERTISEMENT