Hyderabad: The Hyderabad Police Cybercrime Wing arrested two men from Mumbai in connection with an investment fraud that allegedly duped a Hyderabad resident of over Rs23 lakh.
The accused have been identified as Dharmesh Jaswantbhai Barot (35) and Mohd Shahid Hanif Ansari (38). According to police, they orchestrated the scam using fake stock trading platforms and fraudulent WhatsApp groups to lure victims.
The case emerged after a complaint filed on August 9, 2025. The victim stated that she was persuaded to join a WhatsApp group promising expert trading tips. Using the FaerPE trading app, the accused induced her to trade in “Block Deals.” Small withdrawals were initially allowed to gain her trust. However, the accused later froze her entire investment under the pretext of a “T+2 settlement period,” effectively defrauding her of Rs23 lakh.
Police are investigating further to determine whether the accused targeted other individuals and to trace the movement of the defrauded funds.
