Man held in Hyderabad for committing 43 cases related to investment fraud

The accused identified as Himanshu Swami (28) was involved in 43 cases across the country and half a dozen cases in Telangana. Three mobile phones were seized from his possession. Another person Pawan Jain was absconding in the case, according to police.

The police said a 49-year-old civil engineer from Hyderabad received a WhatsApp message offering him online stock investment ideas to invest in the stock market and sent a link to join their group to triple profits in a short time.

The civil engineer initially invested with a small amount and he withdrew the amount successfully through the Alptrade platform. Believing it to be genuine as per their promises on Whatsapp group, he continued to transfer his major funds from his bank accounts.

They said that his investments were in bulk stocks and IPOs, which will get a huge profit of 20 times of his invested capital. On the applications, he can see the profits but later when he decided to withdraw his profits from their application, they said that he cannot withdraw as the amount is still in the so called IPOs.

He told them that he wants his profit but they asked him to deposit double the money of the invested amount Rs.15 lakh more. After that he realized that it was a scam, so he asked them to repay his money. They have blocked him and did not give access to chat, he tried to call their mobile numbers, but no one responded and blocked him. In all, he invested an amount of Rs. 20.01 lakh.

In a public advisory, the police advised the people to be cautious of online stock trading suggestions and investment frauds offering huge returns in short term, multi bagger stock suggestions, investment in IPO’s and mutual funds.

The people must verify properly before accepting such offers and sharing financial or personal details. Scammers approach victims through various social media platforms - Telegram, WhatsApp, X, Instagram, and Facebook by advertising fake investment apps and websites.

Such schemes were fraudulent and do not have SEBI’s endorsement. Fraudsters were using simple tactics to lure gullible investors with promises of high returns and fake profit screenshots. They will show returns in short term to a small amount in the victim's account to gain the victim's confidence. Never believe the promises of huge returns. Victims of cybercrime can get immediate help by dial 1930 or visit cybercrime.gov.in.