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.

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.