In a shocking tale of digital deceit, a 72-year-old retired bureaucrat from Somajiguda, Hyderabad, fell prey to an elaborate online investment scam, losing a staggering Rs 3.37 crore to cyber fraudsters. The victim, who once held top roles in the former Andhra Pradesh administration, detailed his harrowing experience in a complaint filed with the Telangana Cyber Security Bureau.
The scam began when he was persuaded to install a trading application through an APK link, shared directly by the fraudsters. The app, deceptively named Dhani Securities, mirrored the look and feel of a legitimate stock trading platform. One of the primary conmen, going by the name Arjun Ramesh Mehta, introduced himself as the chief investment officer of the so-called firm. Backed by a team, he convinced the victim of promising gains via mutual funds, IPO investments, and options trading, allegedly powered by artificial intelligence offering a 90 percent profit accuracy.
“The cyber fraudsters built trust by sending regular stock market updates and trading advice via WhatsApp sessions,” shared an official from the cyber bureau. These interactions spanned from March to May 2025, during which the retired officer made several transactions, with amounts ranging from Rs 28,568 to Rs 50 lakh. Gradually, his total investment crossed Rs 3.3 crore.
Suspicion crept in only when he attempted to withdraw his supposed earnings of Rs 22 crore and was told to pay an additional Rs 33.5 lakh to release the funds. Alarmed, he sought help from the authorities.
Officials have since registered a case under various sections of the Bharatiya Nyaya Sanhita (BNS) Act including 318(4) for cheating, 319(2) for impersonation, and 338 for forgery of valuable documents, along with Section 66-D of the Information Technology Act. Investigators are now closely tracking the bank transfers and digital footprints to identify and apprehend the culprits behind this cyber fraud.
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