Hyderabad, Apr 10 (UNI) The Cyber Crime Unit of Hyderabad has arrested a person in connection with a major stock trading fraud case.
Based on a complaint Cyber Crime police arrested Pakeer Srinivas Reddy (41), a resident of Tilaknagar, Hyderabad under Sections 66(C) and 66(D) of the Information Technology Act, 2008, along with Sections 111(2)(b), 318(4), 319(2), 336(3), 338, and 340(2) of the Bharatiya Nyaya Sanhita (BNS).
He is also reportedly involved in five other fraud cases across different parts of India, a police statement said on Thursday.
According to the complaint, the victim was contacted by a woman identifying herself as "Tina Mittal," who claimed to represent a firm named W33 Barclays.
She convinced the complainant to join a WhatsApp group offering stock market investment advice. Lured by promises of high returns, the victim eventually invested a total of Rs 2.01 crore through a trading application promoted by the group.
Initially, the platform showed attractive virtual profits and even allowed limited withdrawals to build trust. However, when the victim attempted to withdraw a larger amount, they were asked to pay 5 per cent of the total deposit and profit as a processing fee. Suspecting foul play, the victim filed a complaint with the cybercrime authorities.
The fraudsters used a calculated approach to deceive victims. They reached out through social media platforms, Telegram, and WhatsApp messages and calls, offering schemes that promised double or triple profits in a short period.
They showcased high virtual returns and allowed minor withdrawals to gain credibility, eventually coaxing victims into investing larger sums. Once substantial amounts were deposited, the fraudsters blocked access to the funds, cutting off communication entirely.
The Cyber Crime Unit has advised the public to remain vigilant and avoid falling for unsolicited investment offers, especially those that guarantee unrealistically high returns.
Investigations are ongoing to identify and apprehend other individuals connected to the fraud network.
UNI VV SJC