A 72-year-old retired IAS officer from Somajiguda was conned out of Rs 3.37 crore by cyber fraudsters who lured him through a deceptive stock trading application. The former bureaucrat, who once held key positions in the erstwhile Andhra Pradesh government, filed a complaint with the Telangana Cyber Security Bureau (TGCSB), detailing how the scam unfolded.
According to the complaint, the fraudsters tricked the officer into installing an APK file sent via a link. The app, named "Dhani Securities," appeared to be a legitimate trading platform but was in fact a fake interface designed to steal funds, according to a TOI report.
One of the main suspects, introducing himself as Arjun Ramesh Mehta, posed as the chief investment officer of the fictitious company. He and his associates promised high returns from mutual funds, IPOs, and options trading, claiming to use AI-driven analytics with a 90% success rate.
"The fraudsters built trust by sending regular stock market updates and trading advice via WhatsApp sessions," said a TGCSB official. "Between March and May 2025, the officer transferred multiple amounts, ranging from Rs 28,568 to Rs 50 lakh, eventually totalling Rs 3.3 crore."
The scam came to light when the victim attempted to withdraw his supposed profits, which were shown as Rs 22 crore, and was told to pay an additional Rs 33.5 lakh to release the funds. This raised red flags, prompting him to report the fraud.
A case was registered on Friday under Sections 318(4) (cheating), 319(2) (cheating by personation), and 338 (forgery of valuable security, will, etc.) of the BNS Act, along with Section 66-D of the IT Act. Investigators are now examining bank transaction trails to trace the culprits.
According to the complaint, the fraudsters tricked the officer into installing an APK file sent via a link. The app, named "Dhani Securities," appeared to be a legitimate trading platform but was in fact a fake interface designed to steal funds, according to a TOI report.
One of the main suspects, introducing himself as Arjun Ramesh Mehta, posed as the chief investment officer of the fictitious company. He and his associates promised high returns from mutual funds, IPOs, and options trading, claiming to use AI-driven analytics with a 90% success rate.
"The fraudsters built trust by sending regular stock market updates and trading advice via WhatsApp sessions," said a TGCSB official. "Between March and May 2025, the officer transferred multiple amounts, ranging from Rs 28,568 to Rs 50 lakh, eventually totalling Rs 3.3 crore."
The scam came to light when the victim attempted to withdraw his supposed profits, which were shown as Rs 22 crore, and was told to pay an additional Rs 33.5 lakh to release the funds. This raised red flags, prompting him to report the fraud.
A case was registered on Friday under Sections 318(4) (cheating), 319(2) (cheating by personation), and 338 (forgery of valuable security, will, etc.) of the BNS Act, along with Section 66-D of the IT Act. Investigators are now examining bank transaction trails to trace the culprits.
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