Rs.43 Lakh IPO Fraud Accused Arrested in Hyderabad

Cybercrime police nab repeat offender

Hyderabad: The Cyber Crime Police have arrested Bobbari Srinivasa Rao, 34, from Visakhapatnam district, Andhra Pradesh, in connection with a ₹43 lakh IPO allotment fraud. He is reported to be involved in 19 cases across India, including two in Telangana. Rao, who supplied accounts for fraudulent operations, was taken into custody and produced before court.

Fraud through fake IPO offers

According to police, a 63-year-old victim was contacted on WhatsApp by fraudsters posing as representatives of “AXIS Security,” claiming association with Axis Bank. The victim was persuaded to invest ₹43,00,000 between July 12 and early August 2025, lured by promises of discounted IPO shares and fabricated profits. The accused and his associates showed fake dashboards, created non-existent loans, and threatened to freeze the victim’s funds to extract more payments.

The fraud was registered as Cr. No. 1409/2025 under IT Act sections 66-C, 66-D and relevant BNS provisions at Cyber Crime Police Station, Hyderabad. During the investigation, police seized two SIM cards, two mobile phones, three passbooks, seven debit cards, and 13 cheque books from the accused.

Officials cautioned the public against fraudulent investment messages on WhatsApp, Telegram, and other platforms, advising citizens to avoid unsolicited offers and verify before making financial commitments.