The Cyber Crime Unit of Hyderabad Police has arrested a 22-year-old man from Uttar Pradesh in connection with a pan-India investment fraud linked to fake stock trading applications. The accused, identified as Akash alias Akash Varma, is reportedly involved in at least 30 cases across the country, including four registered in Telangana.
Mr. Akash, an electrician by profession, was arrested from Sector 77 in Noida, Gautam Buddha Nagar, where he was residing, said the police. “Originally from Madhya Pradesh, he is reported to be a key player in supplying and operating multiple bank accounts used to funnel proceeds of fraudulent transactions,” said a police official.
According to the police, a 36-year-old man from Hyderabad was duped of ₹1.47 crore after being added to a WhatsApp group named ‘D12-Stock Market Profit Guide Group’ where the fraudsters posed as stock market experts. Initially, the victim saw virtual profits in the app, which prompted him to deposit more money after being shifted to another group titled ‘Special Training Team B’. Believing the platform to be legitimate, he transferred funds multiple times until the withdrawal feature was blocked without notice.
Police said that Mr. Akash functioned as an account holder and account provider, facilitating the movement of defrauded funds.
Investigators revealed that fraudsters typically approach victims via social media platforms like WhatsApp, Telegram, and Instagram, luring them with promises of high returns from stock trading. Initially, small profits are shown to build trust, and withdrawals are permitted to encourage larger investments. Once substantial amounts are deposited, access is restricted and contact is cut off.
Published – April 17, 2025 06:52 pm IST
