HYDERABAD– An employee of the Defence Research and Development Organisation (DRDO) in Hyderabad has fallen victim to a sophisticated online investment fraud, losing a staggering ₹54 lakh. The deception, which involved a fake brokerage firm and a deceptive WhatsApp group.
The Bait: A Promise of High Returns
The 39-year-old victim was first contacted in May 2025 and added to a WhatsApp group named “ASBPL Start-Up Excellence Circle.” The group, which claimed to represent a Kolkata-based firm called Abhinandan Brokerage Stock Company, purported to have 39 members who regularly shared their supposed profit reports and deposit receipts. Lured by these fabricated success stories and the promise of guaranteed returns on an IPO/BLOCK deal, the victim began transferring his savings.
The Hook: The Trap Tightens
Over a period of two months, from June 9 to July 31, 2025, the victim transferred ₹54 lakh to various bank accounts provided by the fraudsters. Believing he was making a sound investment, he even took out a loan to increase his potential profits. The scam was carried through a fraudulent app, which showed a seemingly impressive return of ₹8.42 crore, further cementing the victim’s trust in the scheme.
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The Snag: The Withdrawal Attempt
The elaborate facade began to crumble when the victim attempted to withdraw his supposed earnings. The fraudsters, under the guise of an assistant named Abhishek, informed him that he would need to pay an additional ₹10 lakh to access his funds. It was at this point that the victim realized he had been scammed and reported the matter to the Hyderabad police. A case has been registered under several sections of the IT Act and the Bharatiya Nyaya Sanhita (BNS).
The Crackdown: Broader Cybercrime Ring Busted
In a separate but related development, Cyberabad Cybercrime police arrested 15 individuals in a week-long crackdown on cybercrime. The arrests were connected to 11 different cases that occurred between July 29 and August 4, with the charges ranging from trading fraud to gaming and business fraud. The police seized numerous digital devices and documents, serving as a stark reminder for citizens to be cautious of investment and trading scams that promise unrealistically high returns.