Cybercrime police in Hyderabad have arrested Mohammed Ashfaq, aged thirty three, for his alleged involvement in an online trading fraud that cheated a city resident of 49.9 lakh, police said on Monday.
According to the police, the victim was first contacted through a WhatsApp message by a woman who introduced herself as Meena Bhat. She claimed to represent “86 DBS India Wealth Group Investment” and added the victim to a WhatsApp investment group. The group shared a link to what was described as an internal trading portal for stock investments.
The victim initially deposited 2 lakh into the platform. After being shown profits, he was allowed to withdraw a small amount. Encouraged by this, he transferred more funds to bank accounts shared by the accused. Police said the fraudsters later told the victim that an IPO had been allotted beyond his investment limit and pressured him to deposit additional money to complete the subscription.
When the victim refused to make further payments, he was removed from the WhatsApp group and blocked. Realising that he had been cheated, he lodged a complaint through the national cybercrime helpline 1930 and later approached the Cybercrime police station in Hyderabad.
During the investigation, police found that Mohammed Ashfaq had provided his bank account to cyber fraudsters in return for commission. The account was allegedly used as a conduit for a larger fraud network. Investigators said nearly 3.70 crore was routed through the account, with the accused sharing OTPs to facilitate transactions.
Police further revealed that the bank account was linked to twenty nine cyber fraud cases reported across India, including twelve cases in Telangana.
Based on the complaint, police registered FIR number 2319 of 2025 under Sections 66 C and 66 D of the Information Technology Act and Sections 318 four, 319 two, 336 three, 338 and 340 two of the Bharatiya Nyaya Sanhita. The accused was arrested as part of the ongoing investigation.
Police said similar cases linked to the fraud network were registered at Cybercrime police stations in Hyderabad city and Cyberabad.
Issuing a public advisory, police warned citizens against sharing bank accounts or financial credentials with unknown persons. Officials said fake investment frauds often operate through social media links, WhatsApp or Telegram groups, unsolicited calls and fake websites that show fabricated profits to gain trust. Victims are commonly asked to pay additional charges such as taxes or fees to withdraw funds, which are never released.
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