Hyderabad Cybercrime police nab man for duping trader of Rs. 2 cr in stock trading scam

The arrested person is P Srinivas Reddy (41), a private employee from Tilaknagar. He is allegedly involved in stock trading fraud cases at five places across the country.

Hyderabad: The Hyderabad Cybercrime police arrested a fraudster who duped a city-based trader to the tune of Rs 2 crore on the pretext of investments in stock trading.

The arrested person is P Srinivas Reddy (41), a private employee from Tilaknagar. He is allegedly involved in stock trading fraud cases at five places across the country.

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According to the police, the complainant was promised higher returns for investments in stock trading and was asked to join a WhatsApp group for investment advice.

Subsequently, the complainant invested a total of Rs 2.1 crore through a trading app suggested by them. “However, when the complainant and his business partners tried to withdraw funds, they were asked to pay 5 per cent of the total deposit plus profit. They realized that they were cheated and filed a complaint with the cybercrime unit,” said a cybercrime official.

Based on a complaint, the Cybercrime police booked a case and arrested the suspect.

If you are a victim of cybercrime immediately dial 1930 or visit https://cybercrime.gov.in/ for assistance.