Hyderabad, Telangana – The Telangana Cyber Security Bureau (TGCSB) has arrested four individuals for allegedly orchestrating a stock market investment fraud that duped a 55-year-old man from Hastinapuram out of Rs4.87 crore.
The accused have been identified as:
Md Mohinuddin Shaik (29), cab driver from Jagadgirigutta
Chinnam Ugra Narsimhulu (29), cab driver from Kukatpally
Pasupuleti Rajesh (27), cab driver from Jagadgirigutta
Shiva Reddy (33), account supplier from Ameerpet
According to officials, the gang supplied about 20 current bank accounts to cyber fraudsters in Indore, who were working with Cambodia-based cybercrime networks.
The victim was first lured into a WhatsApp group promoting stock trading, and persuaded to invest through a fraudulent platform: m.ironfxsvip.vip. Between July 3 and August 22, he transferred crores of rupees to various bank accounts, misled by fake profits shown in the manipulated app.
Fraudsters continued to demand more funds under false pretenses, exploiting the trust built over weeks. The scam came to light when the victim reported the fraud, and the TGCSB registered a case on August 25.
Investigators traced one of the beneficiary accounts to Ugra Narsimhulu, whose confession led to the arrest of the other three.
It was revealed that:
Narsimhulu, Rajesh, and Shiva Reddy opened current accounts and handed over net banking credentials.
Md Mohinuddin coordinated the transactions, earning Rs1 lakh commission per account, which he shared with the others.
SIM cards and phones used during transactions were returned to the account holders after use.
All four were remanded to judicial custody on Thursday as investigations continue.
