HYDERABAD: In a new wave of cyber fraud, scammers posing as representatives of the well-known stock trading firm Sharekhan duped a private employee from Kothapet of ₹1.85 crore through a deceptive investment and loan scam.
The victim encountered an advertisement on Instagram linking to what appeared to be a Sharekhan-affiliated app called “SKH PRO”. Upon clicking, he was redirected to a WhatsApp group that promoted the app, claiming it provided free IPO analysis and stock tips.
Soon after, someone identifying himself as Manoj Joshi, the “Chief Trading Analyst” and alleged owner of Sharekhan Edge (SKH PRO), contacted the victim via phone. Believing he was speaking to a senior executive of the Sharekhan firm, the victim began interacting with a person named Mukta Balwant Kambli, who posed as a financial advisor.
Encouraged by initial conversations, the victim made a ₹50,000 investment in January this year. He later received a call from someone claiming to represent a “Central Depository Team”, confirming the investment and stating that his account had been activated and KYC updated.
Persuaded by the promise of high returns, he was encouraged to invest in IPOs through the app, which regularly showed updates and stock movement. Over time, he invested ₹50 lakh in phases. He was then told that investing ₹1 crore would upgrade him to an HNI account, further boosting profits. Unable to invest the full amount, he added ₹30 lakh more.
Eventually, the scammers convinced him that his portfolio had grown to ₹1.85 crore and that he could receive a company loan of ₹1.05 crore to complete the remaining investment. Believing it to be a genuine offer, the victim agreed. He was informed that his total stock value was now ₹80 lakh and would reach ₹1.85 crore post-loan disbursement.
To enhance the illusion, the fake app displayed IPO investments valued at ₹4 crore. When the victim attempted to withdraw funds, he was contacted by a fake customer care representative who said the loan must first be repaid before any withdrawal could be processed.
Trusting the narrative, the victim transferred ₹1.05 crore in instalments to the bank accounts provided by the fraudsters. When he again attempted to withdraw funds, he was asked to pay a 10% commission—approximately ₹40 lakh—triggering suspicion.
Realising he had been duped, the victim lodged a complaint with the Rachakonda Cybercrime Police. A case has been registered and an investigation is underway.
