Hyderabad: The Hyderabad Cybercrime Police arrested a 34-year-old man from Visakhapatnam in connection with a ₹43 lakh IPO allotment fraud. The accused, Bobbari Srinivasa Rao, was involved in at least 19 cases across India, including two in Telangana.
The arrest followed a complaint by a 63-year-old man who received a fraudulent WhatsApp message from a group posing as “AXIS Security,” allegedly linked to Axis Bank. Believing the offer to be genuine, the victim invested ₹43,00,000 over 20 days in July and August 2025.
According to police, the fraudsters displayed fake dashboards with artificial profits and claimed to allot shares via the Qualified Institutional Placement (QIP) quota after market hours. They offered more shares than the victim’s balance and demanded additional payments under the guise of a “non-interest loan,” threatening to freeze his account if he didn’t comply.
Realising the fraud on August 6, the victim approached Hyderabad Cyber Crime Police, who registered a case under Cr. No. 1409/2025. The case includes charges under Sections 66-C and 66-D of the IT Act and multiple sections of the Bharatiya Nyaya Sanhita.
The accused, who supplied bank accounts for fraudulent transactions, hails from Gandivanipalem village in Visakhapatnam district, Andhra Pradesh. He worked in housing loans but had turned to cyber fraud.
Police seized two SIM cards, two mobile phones, three bank passbooks, seven debit cards, and thirteen cheque books during the operation.
Inspector S. Mattam Raju led the investigation with the support of police constables Ch. Sunil Kumar, P. Ashok, M. Ganesh, M.G. Sudharshan, and M. Rajender.
Public Advisory:
Cybercrime police urged the public to remain alert against unsolicited investment offers received through WhatsApp, Telegram, or email. Fraudsters often use professional language and fake dashboards to lure victims. Citizens were advised never to trust messages claiming to represent reputable financial institutions or to invest through unknown links or apps.
