Hyderabad: A massive stock market scam has shaken the city, with more than ₹150 crore allegedly swindled from unsuspecting investors who were promised sky-high returns through stock market investments.
Jeedimetla Police say the accused operated from an office set up under the name “The Penguin Securities” in Chintal Ganesh Nagar, within the Jeedimetla police limits. Investigators say the fraudsters collected amounts ranging from ₹1 lakh to ₹1 crore from over 1,500 investors, issuing fake bonds to appear legitimate.
The scheme came crashing down when investors showed up at the office and found it locked, their calls to the company going unanswered. Dozens of anxious investors then rushed to the Jeedimetla police station on Friday evening to file complaints.
Police have registered a case and launched an investigation. Officials say they’re confident of catching the perpetrators and bringing them to justice.
Many victims, who had invested their hard-earned savings, are now reeling from the betrayal. “We trusted them with our money, and now we’re left with nothing,” one investor said.