Hyderabad: Police in Kagaznagar arrested a man for cheating investors through a fake online stock and IPO scheme. Kagaznagar DSP Waheeduddin said the accused lured people using a WhatsApp group and collected money under the name of stock investments.
Kagaznagar police arrest a man in a ₹76.5 lakh stock fraud
Speaking at a press meet on Tuesday, DSP Waheeduddin said the accused, Ashok, created a WhatsApp group and added 108 members. He promised high profits through online stock and IPO investments. Later, several members realised they had been cheated.
On July 5, 2025, victims from Kagaznagar filed a complaint at the local police station. Police registered a case and began the investigation immediately. During the inquiry, they found that 26 people had invested ₹76.5 lakh in the fake scheme.
Cyber team tracks and arrests the accused
Meanwhile, the D4C cyber team used technical tools to trace the group admin and arrested Ashok. Officials said he used multiple bank accounts to hide the money. They also seized digital evidence to support the case.
Furthermore, DSP Waheeduddin warned citizens not to trust online stock offers or social media investment schemes. He advised the public to verify details before transferring money and to report any suspicious activity.