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Hyderabad: A 63-year-old man was duped of Rs 43 lakh in cyber fraud in Hyderabad. The fraudsters lured him on pretext of good returns on IPO investment.
According to the cybercrime unit of the Hyderabad police, the victim received a message on WhatsApp from Axis security, an account created by fraudsters.
Thinking it was a genuine message from Axis Bank offering IPO allotments and trading opportunities, the victim invested the money between July and August.
Following the investment, fraudsters threatened to freeze his accounts if he failed to pay the extra amount. The man later realised that the entity had no connection with Axis Bank and approached the police.
Based on a complaint, a case was registered. Following the investigation, a suspect identified as 34-year-old Bobbari Srinivasa Rao, a resident of Parvada mandal in Visakhapatnam, Andhra Pradesh was nabbed. The accused had supplied bank accounts to fraudsters a few months ago.
The police said Rao was involved in 19 cases across the country, including two in Telangana.
This post was last modified on September 3, 2025 11:30 am