Hyderabad: The Hyderabad Cyber Crime police have apprehended two individuals from Gujarat in connection with a stock trading fraud case. The arrests were made as part of an investigation into a scam that allegedly defrauded a victim of over Rs 67 lakh.

Police identified the arrested individuals as Mehulbhai Devrajbhai Ramani, aged 37, described as an account supplier, and Gondaliya Hardik Kumar Mukeshbhai, aged 26, identified as an account holder. Authorities seized net cash of Rs 1 lakh from the accused.

According to police reports, the victim, a 57-year-old private employee residing in Hyderabad, initially received WhatsApp messages offering stock trading tips. Subsequently, he was directly added to a WhatsApp group named “SMC 912”. Within this group, he was advised to consult with a customer care representative who purportedly facilitated all fraudulent transactions. Believing their claims, the victim proceeded to deposit a substantial amount totalling Rs 67,60,049.

Following the victim’s complaint, the police registered a case under Sections 66 C, 66 D of the IT Act, and Sections 111(2)(B), 318(4), 319(2), 336(3), 338, 340(2) of the Bharatiya Nyaya Sanhita (BNS).

The Cyber Crime police stated that the accused contacted victims through WhatsApp, posing as a stock trading advisory service. They then provided ‘mule’ bank accounts and deceived victims into depositing money into these accounts under the guise of trading. The same modus operandi was employed to collect funds from numerous unsuspecting individuals. After the transactions were completed, the accused blocked the victims’ contacts and ceased responding to their calls and messages.

The Cyber Crime department has issued a public advisory, urging people to be wary of fake investment schemes promoted on social media platforms such as Telegram, WhatsApp, X, Instagram, and Facebook, which promise high returns with minimal risk. They emphasised the importance of never trusting promises of exorbitant returns or fabricated profit screenshots.

Citizens are advised not to fall prey to such scams and to always use SEBI-approved applications for investment purposes, consulting SEBI-registered financial advisors before committing any funds.

Furthermore, the police stressed the importance of immediately reporting suspicious transactions. Should an unauthorised transaction be noticed, a dispute should be raised with the bank without delay.

In the unfortunate event of becoming a victim of cybercrime fraud, individuals are urged to dial 1930 or report the fraudulent activity immediately via the www.cybercrime.gov.in portal.