The city’s crime branch has arrested Vinay Kumar Upalapu, a 23-year-old man from Krishna district, Andhra Pradesh, in connection with a Rs 3 crore online financial fraud.
According to DCP (Crime) Kundan Kanwaria, Upalapu was arrested from Andhra Pradesh on March 25 and brought to the city on Friday. Upalapu is accused of masterminding a sophisticated scam that targeted victims through a fake WhatsApp number. Posing as a representative of an online stock market investment firm, he circulated fraudulent advertisements, promising high returns on investments.
Victims were sent a link to a fake registration webpage, which gave the illusion of legitimacy by showing fake transactions of deposited amounts. “The webpage deceptively displayed transactions of deposited amounts, creating an illusion of legitimacy,” said the DCP.
During the investigation, it was discovered that Upalapu initially induced victims to invest small amounts. He built trust by transferring a portion of the ‘profits’—which were actually misappropriated funds from another victim—into their accounts. Once the victims’ confidence was built, they were persuaded to invest progressively larger sums of money.
The authorities are continuing their investigation, and the accused has been taken into police custody for further questioning.
