Key Points
- A man from Hyderabad was cheated out of Rs 8.14 crore through a fake stock trading scheme.
- The scammers, pretending to be stock traders, reached out to victims on WhatsApp and Telegram.
- Rahul Dangi and Rahul Bhoi were arrested in Rajasthan and brought to Hyderabad for questioning.
- The fraud involved a fake trading app that showed false profits to encourage more investment.
- Investigations revealed the suspects were also linked to other frauds totaling Rs 3.7 crore across India.
- Authorities warn the public to stay alert and report any suspicious activities to avoid similar scams.
Looma News
Two individuals have been arrested for a fake stock trading scheme that duped a man of Rs 8.14 crore in Hyderabad. The suspects, Rahul Dangi (21) and Rahul Bhoi (25), were caught in Udaipur, Rajasthan, and taken to Hyderabad for further questioning. Police also seized three mobile phones from them.
The victim, a resident of Banjara Hills, filed a complaint on October 21, claiming he was tricked into joining a fake stock trading scheme. He was invited to a WhatsApp group that promised profitable investments and opportunities in IPOs. Over three months, he transferred Rs 8.14 crore to bank accounts controlled by the scammers.
The fraudsters used a fake stock trading app that showed false profits, making the victim believe his investments were growing. They pushed him to send more money by promising higher returns. When he tried to withdraw his funds, the app didn’t process the transactions, and the scammers demanded more “regulatory fees.” Eventually, they cut off communication, and the app stopped working altogether.
Police had already arrested another suspect, Shravan Kumar, in Chittaurgarh, Rajasthan. Dangi’s bank account, which received Rs 75 lakh from the victim, was linked to 32 other fraud cases across India, totaling Rs 3.7 crore in fraudulent transactions. Bhoi’s accounts were linked to 20 similar scams nationwide, where they provided false bank details.
The scammers targeted people through popular messaging apps like WhatsApp and Telegram, posing as agents of well-known trading firms. They used these platforms to offer market tips, stock recommendations, and live sessions to gain trust. Victims were encouraged to invest in high-return schemes like IPOs and block trades, while the fake app showed made-up profits to convince them to invest more.
Authorities advise the public to stay alert and report any suspicious activity immediately. The investigation into the scam and the larger network behind it is ongoing. A fraud case has been filed, and further actions are being taken.
