Retired IAS Officer from Hyderabad Duped of ₹3.37 Crore in Online Investment Scam

Hyderabad: A retired IAS officer from Hyderabad has reportedly lost over ₹3.37 crore in an online investment scam orchestrated by cyber fraudsters posing as representatives of a well-known trading company.

According to a complaint lodged with the Cyber Crime Police Station, TGCSB, 72-year-old Kaza Ratna Kishore, a former senior bureaucrat, fell victim to a fraudulent investment scheme that used the name and logo of “Dhani Securities.” The scammers falsely claimed SEBI registration and presented a fake depository account number to appear legitimate.

The fraud began in early May 2025 when Kishore was contacted on WhatsApp by a woman introducing herself as Arjun Mehta. She shared a link to an online trading platform and pitched an investment model that promised high returns through mutual funds, IPOs, and options trading.

Shortly after, a man identifying himself as Arjun Ramesh Mehta, posing as the Chief Investment Officer of the platform, began sharing detailed trading advice and market predictions. He claimed the strategies were backed by technology with "90 percent accuracy" and offered exclusive IPO listings with promised returns between 120% and 160%.

The scammers maintained consistent contact through WhatsApp, creating a daily flow of updates and account visuals. A fake login portal was used to show investment growth. The victim was repeatedly assured that profits—allegedly amounting to ₹25.91 crore—would be released upon payment of a “platform fee” amounting to 10% of the profits.

Trusting the scheme, Kishore made multiple transfers between March 30 and May 15, 2025, totaling ₹3.37 crore. The money was moved through 33 transactions across accounts in ICICI Bank, SBI, and Union Bank of India. Despite these payments, the fake platform never allowed withdrawals and did not acknowledge the platform fee payments.

Based on the complaint, the Cyber Crime Police have filed a case under Sections 318(4), 319(2), and 338 of the Bharatiya Nyay Sanhita (BNS), along with Section 66-D of the Information Technology Act, 2000.

Inspector D Ashish Reddy is leading the investigation under the supervision of Deputy Superintendent of Police KVM Prasad. The police have initiated efforts to trace the suspects and track the bank accounts involved in the scam.

Officials have urged the public to remain vigilant against online investment offers, especially those promising unusually high returns. Authorities recommend verifying credentials through official SEBI channels and avoiding fund transfers without proper verification.