Man held for duping elderly of Rs 52.29 lakh in investment scam

Hyderabad: A 23-year-old man has been arrested by cyber crime unit of the Hyderabad police for allegedly being involved in an online investment scam that duped a 68-year-old Hyderabad resident of Rs 52,29,500.

The accused has been identified as Prateek Shukla.

According to reports, the complainant told police that he was added to a WhatsApp group named “VIP 5paisa Group,” where individuals impersonating stock advisors identified as Priya Agrawal and Gourav Munjal lured him into investing in bogus stocks, IPOs, and OTC trading via a fake app.

Fake profit screenshots were shared in the group, presumably populated by gang members posing as investors, to build trust.

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Believing the promises of high returns, the victim deposited money in several transactions amounting to over Rs 52 lakh. However, once the investments increased, withdrawal access was blocked.

Based on credible information, the accused was arrested, and police seized one mobile phone, four cheque books, and two shell company stamps, which were used in executing the scam.

Further investigation is ongoing.

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