HYDERABAD — A 37-year-old private employee from Asif Nagar lost Rs 2.8 crore after falling victim to a carefully orchestrated stock market investment scam.
The victim responded to a Facebook advertisement offering early access to a lucrative Initial Public Offering (IPO). Upon clicking the link, he was redirected to a fraudulent webpage controlled by scammers, who quickly added him to a WhatsApp group under the guise of regular IPO discussions.
The fraudsters, including a person posing as ‘Priya’, persuaded him to invest in IPOs through a bogus app called ASKMIN. Initially, they credited Rs 4.9 lakh into the victim’s account to build trust, presenting it as returns on investment. Swayed by this apparent profitability, the man made multiple transactions between March 7 and April 21, 2025, ultimately losing a staggering Rs 2.8 crore.
False Promises, Fake Balances, and the Trap Tightens
As the victim attempted to withdraw his investments, the fraudsters demanded an additional 15% processing fee. They falsely displayed a balance of Rs 32.3 crore on the ASKMIN app, but blocked any withdrawal attempts, creating the illusion of wealth to extract more money.
When repeated demands for additional funds persisted without any payout, the victim realized he had been trapped. In a desperate bid, he finally approached the Hyderabad Cyber Crime Police to lodge a formal complaint.
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Police investigations revealed a typical modus operandi: the creation of fake investment apps, strategic manipulation of trust through small initial gains, and psychological exploitation to extract increasingly larger sums.
Criminal Case Registered Under IT Act and Bharatiya Nyaya Sanhita
Acting on the victim’s complaint, Hyderabad Cyber Crime Police registered a case under multiple sections:
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Sections 66-C, 66-D of the Information Technology Act (identity theft and cheating by impersonation)
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Section 318(4) (cheating and dishonestly inducing delivery of property)
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Section 319(2) (cheating by personation)
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Sections 336(3), 338, and 340(2) (various offenses related to forgery)
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Section 111(2)(b) (organized crime) of the Bharatiya Nyaya Sanhita
Police officials stated that efforts are underway to trace the scam’s digital footprints and identify the perpetrators, who are believed to be operating from multiple locations using complex online anonymity techniques.