The Scam Unveiled
A major cyber crime case has come to light in Hyderabad, where four individuals were arrested by the Telangana Cyber Security Bureau for running a stock market investment scam. The fraudsters managed to cheat a city based businessman of ₹3 crore by luring him through a fake WhatsApp group named “SMC Global Securities.” The group falsely promoted an opportunity to invest in a lucrative Initial Public Offering (IPO).
How the Deception Worked
- The businessman, from North Lalaguda, was persuaded to invest in what he thought was a genuine IPO.
- He transferred money in 16 installments, totaling ₹3 crore, to multiple accounts controlled by the scammers.
- To build trust, they initially allowed him to withdraw ₹10,000. But later, his account showed a negative balance, making him realize he had been duped. He filed a complaint on June 28, which led to the investigation.
The Money Trail
- Investigators found ₹77 lakh transferred to a Kerala-based account.
- Another ₹8 lakh was routed through an account linked to Drones Spray, a company run by Srinivas Manubothula, a software consultant connected with a local drone startup.
The Inside Man
Srinivas, facing financial losses from his drone business, allegedly provided his company’s bank account to the fraudsters for a 10% commission.
- Around ₹4.3 crore passed through his account.
- In return, he received ₹2 lakh in cash along with his SIM card used for the transactions.
Who Was Arrested?
The four arrested in this case include:
- Srinivas Manubothula (software consultant and drone entrepreneur)
- Syed Yousuf
- Chekka Yeshaya
- Mohammed Jaber Ahmed
Quick Summary
| Detail | Information |
|---|---|
| Victim | Businessman from North Lalaguda |
| Fraud Amount | ₹3 crore |
| Scam Type | Fake IPO via WhatsApp group |
| Money Trail | ₹77 lakh to Kerala, ₹8 lakh via drone startup account |
| Inside Help | Srinivas rented his bank account for 10% commission |
| Arrests | Srinivas, Syed Yousuf, Chekka Yeshaya, Mohammed Jaber Ahmed |
